U.S. President George W. Bush on November 15, said he and other state leaders have agreed to take measures to ensure the coordination of economic growth, reform the financial system in order to prevent further deterioration of the economic crisis. After five hours of negotiations, the Group of 20 (G20) leaders of the financial markets and the world economic summit 2:00 pm local time in Washington drew to an end. In addition to the parties concerned will take measures to promote economic growth, countries also agreed to reform the financial system, agreed to reform the international financial institutions. U.S. President George W. Bush on November 15, said he and other state leaders have agreed to take measures to ensure the coordination of economic growth, reform the financial system in order to prevent further deterioration of the economic crisis. After 10 minutes, Bush held the meeting to the National Building Museum to meet with the media to introduce the results of the meeting. "We have reached a unanimous consensus that all countries should take measures to promote economic growth," said Bush, in his view this is the meeting a success. In the short term, countries may adopt measures, including joint global central bank to cut interest rates again, as well as increase pressure by the financial crisis of financial assistance to developing countries. Bush said that if the United States had not adopted a series of measures, the United States is likely to have access to more than the 1930s Great Depression of the more serious economic recession. Financial reform is another theme of the meeting, Bush said the countries agreed to reform the financial system to prevent a similar crisis does not recur. He said the countries "reached a certain principles and actions to make the financial system in the 21st century and adapt to the reality." This is because the global financial regulatory framework is in the 20th century regulatory framework, and the financial industry has gone beyond the scope of the regulation. Some specific measures include changes to improve accounting standards, so that investors can understand what they buy the real value of assets; agree to amend the rules of the market, enterprises and financial products suitable to carry out the monitoring. Bush specifically mentioned the credit default swap market supervision, he said that the product should be a centralized clearing center for processing. Prior to this, credit default swaps in the over-the-counter transactions and are not regulated, to the stability of the financial system has brought great risk. President of the United States Working Group on Financial Markets earlier in the day, has said it would set up a credit default swap clearing center. Bush also said that countries reach agreement, the financial supervision departments should strengthen co-operation. He believes that all countries should re-examine the market manipulation and fraud management rules to ensure that all countries are subject to reasonable protection of investors. In addition, the meeting also agreed to reform the international financial institutions, mainly the World Bank and International Monetary Fund. Bush said that developing countries should be given greater voting rights and representation, in particular the increase in the amount of those contributions. At the same time, anti-protectionist G20 also reached agreement on the issue. He said that the leaders hope to be able to remove trade barriers and work to be completed by the end of this year in the Doha Round negotiations. Bush's speech lasted only 12 minutes, he did not answer questions from reporters at the scene. In the introduction to the outcome, Bush has simply say "goodbye", hastily left the room.
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