Times New RomanRemember, a man died for
this. And that's really messed up.
We live in a country partly responsible for this crap. How did This
happen and what can we do about it?
I realize this is a long read, but it's good to know what you oppose.
Plus it's propaganda, which is always fun.
July 20, 2001
Text of G8 Economic Statement
Genova, 20 July 2001
1. We, the Heads of State and Government of the G7 countries and the
Representatives of the European Union, met today in Genova to address
current challenges in world macroeconomic trends and to bolster
efforts aimed at promoting growth and stability, and at improving the
efficiency of the international financial system.
World Economy
2. While the global economy has slowed more than expected over the
past year, sound economic policies and fundamentals provide a solid
foundation for stronger growth. We will remain vigilant and forward
looking in implementing measures, as necessary, to ensure that our
economies move towards a more sustained pattern of growth, in line
with their potential. We pledge to pursue policies that will
contribute to global growth by enhancing strong productivity growth in
a sound macroeconomic environment, through structural reform, free
trade and strengthened international economic cooperation.
--In the United States, while growth has slowed sharply, long-term
trends remain favourable. Markets are dynamic and flexible, and both
monetary and fiscal policies are being actively employed to support
recovery, while maintaining price stability. The recently enacted tax
cuts should bolster growth.
--In Canada, tax cuts and monetary conditions are supporting growth
while structural policies should continue to be aimed at increasing
productivity. In the United Kingdom, where the slowdown appears
moderate, policies should continue to strengthen the foundations for
sustained growth and employment over the medium term, and meet the
inflation target.
--In the euro area, although economic activity has weakened, growth
prospects remain favourable. Tax cuts, as well as structural reforms
aimed at further increasing employment, should continue to support
sustainable non-inflationary growth. The steady implementation of
economic reforms will contribute, to further raising the potential for
growth.
--In Japan, economic activity has further weakened, and prices
continue to decline. Against this background, monetary policy should
keep providing ample liquidity. Vigorous implementation of financial
and corporate sector reforms is needed to lay the foundation for
stronger economic growth over the medium term. We welcome the recently
announced reform initiatives, which will contribute to this end.
3. Emerging market economies are unevenly affected by global economic
developments. Growth rates in some countries have slowed towards a
more sustainable rate, while in others they have decelerated sharply.
We welcome the progress achieved in many countries in increasing their
resilience against potential crises and the steps taken over the last
year to strengthen the international financial system to better
prevent crises. However, recent developments in emerging markets point
to the need for further progress in reinforcing domestic financial
systems and the underlying fiscal positions. Recent measures taken in
Argentina and Turkey represent positive steps in this direction. We
commend these efforts and encourage the continued implementation of
their reform programs in close collaboration with the IMF and other
relevant international financial institutions.
4. High and volatile oil prices are a concern for the world economy,
in particular for the most vulnerable developing countries. Increased
and diversified energy supplies, improved energy efficiency, expanded
infrastructure and stable oil markets are important objectives. Oil
producing and oil consuming countries should remain in close contact.
5. In addition to the policies we are pursuing in our own economies,
we agreed today that co-operation on three further elements is
important to a strengthened global economy:
--The launch of a new trade Round.
--Action to enhance the stability and integrity of the international
financial system.
--Actions to ensure that the poorest countries are not left behind,
including the implementation of the Heavily Indebted Poor Countries
(1-IIPC) Initiative.
Launching a New Trade Round
6. Sustained economic growth worldwide requires a renewed commitment
to free trade. Opening markets globally and strengthening the World
Trade Organisation (WTO) as the bedrock of the multilateral trading
system is therefore an economic imperative. It is for this reason that
we pledge today to engage personally and jointly in the launch of a
new ambitious Round of global trade negotiations at the Fourth WTO
Ministerial Conference in Doha, Qatar this November.
7. We are committed to working with developing countries, including
the least developed, to ensure that the new Round addresses their
priorities through improved market access and sounder, more
transparent trade rules. We recognise that there are legitimate
concerns in implementing the Uruguay Round Agreements. We welcome the
steady progress made so far on implementation issues and are ready to
examine ways to make further progress in connection with the launch of
a new Round. Capacity building is essential to integrate developing
countries into the trading system, and we are intensifying our efforts
to assist in this area, including with international institutions.
8. In the interests of all, the new Round should be based on a
balanced agenda, while clarifying, strengthening and extending
multilateral rules. An improved dispute settlement mechanism is
central to this effort. Increased transparency in the VETO itself is
also important to strengthen confidence in the global trading system.
The WTO should continue to respond to the legitimate expectations of
civil society, and ensure that the new Round supports sustainable
development.
9. We recognise the importance of expanding WTO membership on
meaningful economic terms. We welcome the fact that negotiations with
China are now almost completed and that progress is being made towards
Russia's accession. We shall strongly support other applicants in
their efforts to meet the conditions for an early membership, with a
view to making the WTO a truly universal organisation.
Strengthening the International Financial System
10. Increasing global growth and prosperity depends crucially on a
sound and stable international financial system. We are united in our
determination to continue to strengthen it to prevent financial
crises, to limit the impact of those that inevitably do occur, and to
tackle financial abuses.Times0000,0000,6666
Times New Roman
11. Since the Okinawa Summit a number of important steps have been
taken, including: measures to increase the effectiveness of crisis
prevention by reinforcing the International Monetary Fund (IMF)
surveillance and encouraging the implementation of the key
international codes and standards; involving the private sector in
crisis prevention and resolution; streamlining and reforming IMF
lending facilities; and enhancing IMF transparency and accountability.
These efforts should be maintained.
12. Looking forward, we endorse our Finance Ministers' recommendations
for action to further strengthen the international financial system
and their commitment to foster international consensus in this
endeavour. In particular, the international financial institutions and
the G7 countries should stand ready to help countries adopt the
policies required to ensure sustained access j to capital markets. We
also support our Finance Ministers' suggestions to further develop the
framework for private sector involvement.
13. The Multilateral Development Banks (MDBs) have a central role to
play in combating poverty by promoting productivity growth and
supporting equitable and sustainable economic development, thus
contributing to the achievement of the 2015 International Development
Goals. To this end, we welcome and endorse our Finance Ministers'
recommendations for reforming the MDBs and sharpening their focus on
core social and human investments, in particular health and education.
We encourage the MDBs to continue to evaluate their internal structure
in order to enhance their operational effectiveness. We attach
particular importance to:
--strengthening coordination among MDBs;
--enhancing their internal governance, accountability and
transparency;
--reviewing their pricing policies with a view to enhancing the
development impact of the resources available;
--promoting good governance in borrowing countries.
We call on MDBs to provide support for global public goods, such as
fighting infectious diseases, facilitating trade, fostering financial
stability and protecting the environment. We support a meaningful
replenishment of IDA and, in that context, we will explore the
increased use of grants for priority social investments, such as
education and health.
14. We reaffirm our support for the multilateral effort against abuses
of the global financial system and endorse our Finance Ministers'
recommendations to address this challenge. We welcome the efforts
several jurisdictions are making to address weaknesses in their anti
money laundering regimes. We endorse the recent Financial Action Task
Force decisions de-listing four jurisdictions and recommending the
adoption of additional countermeasures against the most uncooperative
ones if they do not take appropriate action by September 30, 2001. The
International Financial Institutions have an important role in helping
jurisdictions improve their anti money laundering regimes and we urge
them to step up their efforts in this regard. We encourage progress in
assessing adherence to supervisory and regulatory standards in
Offshore Financial Centres. We look forward to the 2001 OECD progress
report on harmful tax practices and support the work, as envisaged by
our Finance Ministers, aimed at addressing such practices. We ask our
Finance Ministers for further work in these areas.
HIPC
15. The Enhanced HIPC Initiative we launched in Cologne aims to
increase growth, reduce poverty and provide a lasting exit from
unsustainable debt, by reducing debt on the basis of strengthened
policy reforms. We welcome the important progress that has been
achieved in implementing the Initiative. At Okinawa nine countries had
qualified for debt relief. Now, twenty-three countries (Benin,
Bolivia, Burkina Faso, Cameroon, Chad, The Gambia, Guinea, Guinea
Bissau, Guyana, Honduras, Madagascar, Malawi, Mali, Mauritania,
Mozambique, Nicaragua, Niger, Rwanda, Sao Tome and Principe, Senegal,
Tanzania, Uganda and Zambia) are benefiting from the Initiative, with
an overall amount of debt relief of over $53 billion, out of an
initial stock of debt of $74 billion. This will significantly reduce
their debt service, thus freeing resources for social sector
expenditure, in particular education and health.
16. We have all agreed as a minimum to provide 100% debt reduction of
official development assistance (ODA) and eligible commercial claims
for qualifying HIPC countries. W e urge those countries that have not
already done so to take similar steps, and we underline the need for
the active and full participation of all bilateral creditors in
providing timely debt relief to WPCs.
17. We encourage WPCs that have not yet reached their decision point
to quickly undertake the necessary economic and social reforms,
including the development of a strategy for overall poverty reduction
in co-operation with the World Bank and the IMF. Economic, structural,
and social reforms, improved governance, and a strengthened ability to
track poverty-reducing expenditures are necessary to ensure the
maximum benefit of debt relief. In particular, we call upon those
countries involved in military conflicts to lay down their arms, and
implement the necessary reforms. We confirm our willingness to help
them take measures needed to come forward to debt relief We pledge to
continue working together to ensure that the benefits of debt relief
are targeted to assist the poor and most vulnerable.
Nuclear Safety
18. We welcome Ukraine's permanent closure of the Chernobyl Nuclear
Power Plant on 15 December 2000, which was a vital accomplishment in
support of nuclear safety.
[care of the NewYork Times, and yes, i read my indymedia too]