President Bush will announce he plans to host a summit of world leaders in the near future to discuss the global response to the financial crisis, a senior administration official said Saturday.
Word of the impending announcement came at Camp David where European leaders are lobbying Bush to hold a summit by year’s end.
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The summit will focus on ideas to prevent a crisis from recurring in the future and to preserve the free market system, said the Bush administration official, who spoke on condition of anonymity because the announcement has not yet been made.
French President Nicolas Sarkozy and European Commission President Jose Manual Barroso are trying to convince Bush that now is a good opportunity to tighten and better coordinate control of the financial markets, in response to the economic crisis that has shaken markets around the globe.
France’s President Nicolas Sarkozy met with US President George W. Bush at Camp David on Saturday over how and when to overhaul global economic rules to avert future meltdowns.(AFP/File/Dominique Faget)
The president has backed the steps European nations have taken to stem the economic crisis, and is in favor of a meeting in the near future of the Group of Eight industrialized powers and other emerging economies like China and India. The White House says Bush, who has just three months left in office, wants to listen to a broad range of ideas, not just from Europe, but from Asia and developing countries.
But the U.S. hasn’t signed on to the more ambitious, broad-stroke revisions that some European leaders like Sarkozy have in mind for the world financial system.
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President Bush said Saturday he will host an international summit in response to the global financial crisis, but said that any reform of financial systems must not chip away at the foundations of democratic capitalism and free enterprise.
Bush, meeting at the Camp David presidential retreat with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, did not set a date or place for the meeting. Sarkozy, however, suggested it be held before the end of November in New York.
Bush said the summit attendees must be open to ideas from around the world, but he said nations should avoid protectionism.
“As we make the regulatory institutional changes necessary to avoid a repeat of this crisis, it is essential that we preserve the foundations of democratic capitalism — commitment to free markets, free enterprise and free trade,” Bush said, standing with the two European leaders at a helipad on a crisp fall afternoon.
“Together we will work to strengthen and modernize our nations’ financial systems so we can help ensure that this crisis doesn’t….