Group of Eight Communiqué: Leaders Stress Debt Relief for Poorest Nations; Affirm IMF's Key Role in Crisis Resolution


Following are excepts of a communiqué issued Sunday, May 17 by the Group of Eight.


Page 159

  1. We, the Heads of State or Government of eight major industrialized democracies and the President of the European Commission, met in Birmingham to discuss issues affecting people in our own and other countries. In a world of increasing globalization we are ever more interdependent. Our challenge is to build on and sustain the process of globalization and to ensure that its benefits are spread more widely to improve the quality of life of people everywhere. We must also ensure that our institutions and structures keep pace with the rapid technological and economic changes under way in the world.

  2. Of the major challenges facing the world on the threshold of the twenty-first century, this Summit has focused on three:

    - achieving sustainable economic growth and development throughout the world in a way which, while safeguarding the environment and promoting good governance, will enable developing countries to grow faster and reduce poverty, restore growth to emerging Asian economies, and sustain the liberalization of trade in goods and services and of investment in a stable international economy;

    - building lasting growth in our own economies in which all can participate, creating jobs, and combating social exclusion; and

    - tackling drugs and transnational crime, which threaten to sap this growth, undermine the rule of law, and damage the lives of individuals in all countries of the world.

    Our aim in each case has been to agree on concrete actions to tackle these challenges.

  3. In an interdependent world, we must work to build sustainable economic growth in all countries. Global integration is a process we have encouraged and shaped and which is producing clear benefits for people throughout the world. We welcomed the historic decisions taken on May 2 on the establishment of European Economic and Monetary Union (EMU). We look forward to a successful EMU which contributes to the health of the world economy. The commitment in European Union countries to sound fiscal policies and continuing structural reform is key to the long-term success of EMU and to improving the prospects for growth and employment.

  4. Overall global prospects remain good. However, since we last met, the prospects have been temporarily set back by the financial crisis in Asia. We confirm our strong support for the efforts to re-establish stability and growth in the region and for the key role of the international financial institutions. Successful recovery in...

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