He very rightly said that we've entered a new world and we need to adjust the architecture to meet the needs of this new world. I think of this as a process that began several years ago, when the President of Naples called for the G-7 leaders to focus on what we now call the architecture of the international financial markets. With that, I will turn it over to Secretary Rubin to go through a little more on the contents and background of the statement. Over the last couple of weeks, as Treasury Department officials have worked with their G-7 colleagues, the President has spoken to most of his counterparts, including yesterday his final conversation from Cape Canaveral, where he spoke actually twice with Schroeder from Germany. They've had at least five calls that at least in part have addressed this issue, between October 2nd and October 12th on this. They spoke - have been talking in some form about the appropriate need for leaders' attention and agreement for a couple of months.
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This statement grew out of a series of phone calls between - that started between the President and Prime Minister Blair. Then on October 6th he spoke to this and other issues at the World Bank/IMF meeting. On October 2nd he also gave a departure statement in which he talked about several of the measures that were adopted today, including a precautionary facility at the IMF and emergency lending facility at the World Bank as well.
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And as you know, on September 14th the President laid out a variety of steps in his Council on Foreign Relations speech. As you know, these efforts have intensified as the situation in the world economy has become more serious. The act of the leaders themselves, issuing and agreeing on a leaders' statement outside of the context of the annual G-7 meeting is itself a virtually unprecedented step, yet extraordinary times require this type of extraordinary focus by the leaders themselves.Īs you know, and as Secretary Rubin, Deputy Secretary Summers will discuss, the President has been focused on both the long-term architecture issues and the more immediate international economic issues for several years.
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SPERLING: As the President just announced today the leaders - heads of state of the G-7 nations released a statement dealing with both short-term and long-term steps to address the financial crisis affecting much of the world.