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Open market policy, surest path to grow: Bush

President George W Bush told the leaders of the G-20 and other major actors in the global financial system that the surest path to grow is to continue policies of free and open markets.

business Updated: Nov 15, 2008 13:43 IST

Saying that there is more work to do beyond the immediate crisis and the stakes are indeed high, President George W Bush told the leaders of the Group of Twenty and other major actors in the global financial system that the surest path to grow is to continue policies of free and open markets.

"This problem did not develop overnight and it will not be solved overnight. But with continued cooperation and determination, it will be solved" Bush said as he welcomed leaders of the G-20 at the banquet in the state dining room of the White House on the eve of a one-day summit to discuss the crisis in the international financial markets.

Indian Prime Minister Manmohan Singh and a high powered delegation that includes Finance Minister P Chidambaram are participating in the meeting.

"There is more work to do beyond the immediate crisis and the stakes are indeed high," the President said stressing that "developing nations need the assistance they have been promised as well as additional foreign investment to continue their journey from poverty to promise".

"We are in Washington because we share a concern about the impact of the global financial crisis on the people of our nations. We share a determination to fix the problems that led to this turmoil. We share a conviction that by working together, we can restore the global economy to the path of long-term prosperity," Bush said.

"Sunday's discussion will be the first in a series of meetings. It will focus on five objectives: understanding the causes of the global crisis, reviewing the effectiveness of our responses thus far, identifying principles for reforming our financial and regulatory systems, launching a specific action plan to implement those principles and reaffirming our conviction that free market principles offer the surest path to lasting prosperity," he added.

Bush argued that as the objectives are being pursued nations can build on what has been achieved so far.

Hailing coordinated actions by countries since the beginning of the crisis, Bush said "thanks in large part to these decisive measures, global credit markets are beginning to thaw. Businesses around the world are regaining access to essential short-term financing. And stability is beginning to return to the international financial system."

"All over the world, people understand that their livelihoods depend upon a healthy and growing global economy. The surest path to that growth is to continue policies of free and open markets. Free market capitalism has been an engine of prosperity, progress and social mobility in economies all over the globe," he said.

"Trade and investment have been - have linked our economies together creating new customers for businesses and workers and greater choices and lower prices for consumers. All our nations must reject calls for protectionism, collectivism, and defeatism in the face of our current challenge" he added.

"I thank you all for coming tonight and for your commitment to this urgent work. And with confidence in the success of our efforts, I offer a toast to all of you, to the principles we share, and to the people we serve," Bush said.