Financial ministers from the G20 group of leading economies called a meeting on Saturday to discuss solutions for the global economic meltdown.
The G20 countries gathered in Washington have all agreed to support a five-point action plan to stabilize the financial system. The plan vaguely contains the ways to help resuming frozen markets for mortgage-backed securities and calming fluctuating stock markets. The G7 group of nations on Friday decided to take “an aggressive action plan” to fight against a worsening global financial crisis, however, their meeting ended with no specific measures that day.
Bush, who made a surprise visit Saturday at a G20 meeting of finance ministers and central bankers, stressed that a global response is necessary in order to overcome the challenges that the world’s major economies are currently facing. However, he did not announce any new proposals to stem the financial panic around the globe after the meeting.
According to a joint statement issued on Saturday, the G20, made up of rich and emerging nations that produce 90 percent of the world’s economic output, will work together “to overcome the financial turmoil and to deepen cooperation to improve the regulation, supervision and the overall functioning of the world’s financial markets.”, reported AP.
The officials announced that the group will meet again in Sao Paulo, Brazil in November.
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