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Financial crisis: Global summit to focus on solution

Source: PTI
October 31, 2008 12:50 IST
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The economic and financial summit called by US President George W Bush on November 14-15 in Washington will identify the causes of the current global economic crisis and find out effective solutions to it, a top administration official has said.

Bush has called for a leadership summit of Group of twenty nations in Washington where Prime Minister Manmohan Singh is expected to participate on November 15.

The President and the First Lady Laura Bush will host a working dinner on November 14 at the White House.

"... There are a couple of goals. The first would be to identify what the causes of the problem have been so that we understand them and become able to structure some effective solutions," said Ed Lazear, chairman of President's economic advisors.

"And then the solutions, to my mind, would take the form of a list of principles that we would want countries to adhere to. And those principles would have one thing in mind as the primary focus. And that would be that countries would not do things that would undermine the policies of the other countries," he added.

"That's a very big factor. It's a very big factor within Europe in particular because those countries are so closely linked to one another. And we want to make sure that we cooperate with each other so that we don't undermine the process of others," Lazear said. 

"We all have ideas on the causes. I think I know the causes but I'm sure that the French think they know the causes as well. And I'm not sure we necessarily agree. So, this is a meeting to try to come to some conclusions on what we think are probably the best analyses," the top White House official said at a briefing.

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