On the European side we have taken a number of decisive steps to overcome the financial crisis. The European Union, through the coordinated action of its institutions, Governments and Central Banks, has reacted promptly and firmly, devoting very large amounts of money to restore the confidence of the public, protect deposits and reestablish the flows of interbank loans. The European Union has also taken a leading role on the world stage, partly by calling for stronger international cooperation, but also by setting an example and showing to the world what concrete actions can be taken.
Together with President Sarkozy of France, the current President of the European Council, I went last weekend to Camp David. There, we have agreed with the President of the United States on the need to call an international summit to solve the crisis in today’s global economy. I believe it is very important that China and others give a significant contribution in the process to be launched in Washington on 15 November. As we stated in the joint statement we – President Bush, President Sarkozy and I – issued at Camp David, this summit must review progress being made to address the current crisis and seek agreement on principles of reform needed to avoid a repetition and assure global prosperity in the future.
I repeat. The role of China in these circumstances is crucial. Premier Wen Jiabao recently declared at World Forum in Tianjin that the main responsibility of China is to maintain for itself steady and stable economic growth. I very much agree.
In 1997/1998, during the Asian financial crisis, we worked together to overcome it. Now, once again, we need a concerted effort from governments and central banks worldwide. It is good that China has taken the initiative in proposing that this matter be discussed at our ASEM summit tomorrow.
This greater interdependence is not limited to the financial sector. The new challenges of today are global in nature and therefore, they demand a global response. This applies to issues such as climate change, energy security, terrorism prevention, trafficking and organized crime.
We can no longer meet these challenges by closing the door and simply looking after our own house. Instead, we must reach out and seek cooperation, wherever cooperation is more effective.
The world is currently witnessing the broadest and deepest wave of globalization ever producing great opportunities but also some risks. Globalisation has helped hundreds of millions from poverty and provided businesses with the possibility to invest and expand abroad. But those same businesses know that they can no longer live on past achievements. Workers around the world fear for their jobs. Globalisation increases competition and exposes weaknesses and poor commercial decisions.
When we speak of globalization, it is important to understand that openness and interdependence are the rules of the game. That is why we are so strongly in favour of a truly multilateral approach.
These challenges cannot be solved by protectionism, isolation and economic nationalism. We must continue to strive for open and inclusive societies and for open and modern economies.
Ladies and Gentlemen,
The EU is a successful example of regional cooperation. From a region plagued by war, the EU has now grown to 27 Member States, bringing together in peace 500 million people throughout Europe.
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