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World leaders agree to realize balanced, sustainable economic growth

(Xinhua)
Updated: 2009-07-10 05:57

L'AQUILA: Leaders from Group 8 industrialized countries and five emerging economies including China, India, Brazil, Mexico and South Africa plus Egypt were committed to working together to ensure a green global recovery based on firm and lasting foundations for sustainable, balanced, innovative and inclusive growth in the medium term in a joint statement of promoting the global agenda issued here Thursday.

Australia's Prime Minister Kevin Rudd (R) offers his hand to U.S. President Barack Obama after the two leaders gave a news conference on the environment at the G8 summit in L'Aquila, Italy, July 9, 2009. [Agencies]

"We will foster a macro-environment that supports a robust and balanced resumption of domestic private spending to promote the revival of demand," the leaders said, "such an environment will require rehabilitating banking sectors in some countries, and the resumption of lending on a sound basis."

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"While continuing to support our economies with every necessary measure to overcome the crisis, we will also begin to prepare exit strategies from the extraordinary policy measures taken to respond to the crisis, to be adopted once the recovery is assured and to ensure monetary and fiscal sustainability in the medium term."

They said in the statement they would cooperate in efforts to support domestic demand and achieve a robust, balanced, inclusive and sustainable global recovery. They would foster and work together to ensure an appropriate adjustment of savings, and investments, according to respective national circumstances.

"We will refrain from competitive devaluations of our currencies and promote a stable and well-functioning international monetary system," they said.  

"We are resolved to continue reforming financial system regulation and supervision to prevent boom and bust cycles and we will work to ensure propriety, integrity and transparency of international economic and financial activity," said the leaders. "We support an international financial system which fosters global economic and financial stability."

"We will continue to reform the IFI's mandates, scope and governance, to enhance their relevance, effectiveness, and legitimacy and improve accountability and credibility and to give emerging and developing economies, including the poorest, greater voice and representation," they said.  

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