World leaders have vowed to overhaul the global financial system in the face of recession fears, but … George W. Bush urged nations to “recommit” to free markets despite economic turmoil.
After a week of growing economic gloom and plunging stock markets, Asian and European leaders meeting in Beijing promised Saturday wide-ranging reforms while UN Secretary General Ban Ki-moon also called for quick change.
“Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems,” the 40-member Asia Europe Meeting (ASEM) said in a statement released late Friday.
“They agreed to take quickly appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institutions.”
… The economic turmoil has led to growing criticism of US-style free market capitalism, with French President Nicolas Sarkozy earlier this week saying “the ideology of the dictatorship of the market… is dead.”
But Bush on Saturday, moving to set an agenda for the upcoming international economic summit [to be held in the US Nov. 15] , said its participants must “recommit” to the principles of free enterprise and free trade.
… “The market and regulatory failures that have led to this crisis must be addressed as a matter of urgency,” a joint statement said.