International financial situation
- Photo by Chris Greenberg
- President George W. Bush welcomes French President Nicolas Sarkozy to the Summit on Financial Markets and the World Economy Saturday, Nov. 15, 2008, at the National Building Museum in Washington, D.C. White House
- A coordinated and concerted stimulus through the use of budgetary measures to support demand and the increase of financial assistance to emerging and developing countries ;
- A new regulation for financial markets, to prevent a similar crisis from happening again. Increase regulation does not mean excessive regulation which would paralyze businesses ;
- A global economic governance more open to emerging and developing countries, for more justice and efficiency ;
- A rejection of protectionism and more openness towards exchanges.
Measures to support the economy – Speech by M. Nicolas Sarkozy, President of the Republic (excerpts)
Argonay, 23 October 2008
I want to state that from now on nothing in the global economy will ever be the same. To want to continue with the same ideas, the same habits, the same practices as before would be a fatal mistake.
If there’s one major outcome of this crisis, it’s the return of politics. (…)
French rescue plan - President Sarkozy’s speech following Council of Ministers (Paris, 13 October 2008)
.. The banking and financial crisis which began in summer 2007 has worsened over the past few weeks. We are now confronted with an unprecedented crisis of confidence, which threatens to paralyse the global economy.
Confidence must be restored as fast as possible.
In the current circumstances, only the States and central banks have the wherewithal to do this. (…)
Ladies and gentlemen,
Early this morning, after working together with a number of European heads of State and government, I took the initative of proposing for signature by the 27 EU heads of State and government the following draft statement, which has been unanimously agreed by all our partners. It is thus a statement which will be published at the same time in the 27 EU countries.
Here’s the statement:
"We, heads of State and government, declare that each of us will take whatever measures are necessary to ensure the stability of the financial system - whether by injecting liquidity from central banks, by measures targeted at certain banks or by enhanced measures to protect deposits. No depositor in the banks of our countries has suffered losses and we will continue to take the necessary measures to protect the system and depositors. In taking these measures, we acknowledge the need for close coordination and cooperation within the European Union.
The President of the European Commission naturally associates himself with this statement."
This text is being published simultaneously, in press communiqués, in the 27 European Union countries.
On Saturday evening, Germany, Italy, the United Kingdom and France, together with the Eurogroup President and Governor of the Central Bank, expressed their determination in the face of the crisis.
Today all the European governments are telling European citizens that they are united, demonstrating solidarity and determined in the exceptional financial circumstances we are going through today.
In the face of the crisis, Europe’s unity was essential. Today this unity has been achieved.
Summit of European G8 members, (Palais de l’Élysée, Saturday, October 4, 2008)
International financial situation : letter from Mr Nicolas Sarkozy, President of the Republic, to Mr José Manuel, President of the European Commission (Paris, 3 October 2008)
President Sarkozy’s Toulon speech on 25 September on the international financial situation (excerpts)
(update : 11/15/2008)