(RTTNews) - The G8 leaders released a statement on the global economy Wednesday.

In the statement, the G8 leaders said they were “united in our commitment to fulfill our shared responsibility to resolve the current crisis, strengthen our financial institutions, restore confidence in the financial system and provide a sound economic footing for our citizens and businesses.”

“We welcome and commend the recent decisions and actions taken in support of implementation of the G7 Plan of Action,” the statement continued. “These measures will help financial institutions gain access to needed capital, support systemically important financial institutions and prevent their failure, unfreeze credit markets, restart secondary markets for mortgages and protect savers and depositors.”

The leaders promised to “implement these measures on an urgent, transparent, and non-discriminatory basis” and pledged “continued close cooperation and coordination.”

“As we address the current crisis,” the statement added, “we will work to mitigate its adverse impacts on emerging economies and developing nations.”

The leaders then reaffirmed that “open economies and well-regulated markets are essential to economic growth, employment and prosperity.”

Because of this, the leaders said in the statement, they noted the importance of “not turning inward and of continuing efforts to promote trade and investment liberalization, which over the past several decades has significantly raised the global standard of living and lifted millions out of poverty.”

“In this regard,” they continued, “we are determined to intensify efforts to bring about a successful conclusion of the WTO negotiations with an ambitious and balanced outcome.”

Finally, the leaders noted that while their “focus now is on the immediate task of stabilizing markets and restoring confidence, changes to the regulatory and institutional regimes for the world’s financial sectors are needed to remedy deficiencies exposed by the current crisis.” They said the “discussions elaborating such changes, building on the efforts of the Financial Stability Forum and the IMF, must involve both developed and developing countries.”

The G8 is an international forum made up of governments from eight nations: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States. The European Union is also a member, but it cannot host or chair. It was created as a result of the 1973 oil crisis and the global recession that followed.

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Posted in Categories: Canada, Economy, Eurozone, Japan, Releases.

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