Germany and five major international financial and economic organizations pledged Thursday to undertake "determined and coordinated action" to fight the global economic downturn. "This is a global crisis and it needs global solutions," said a statement issued after talks between Chancellor Angela Merkel and the heads of the International Monetary Fund (IMF), World Bank, World Trade Organization (WTO), International Labour Organization (ILO) and the Organization for Economic Cooperation and Development (OECD). The meeting painted a gloomy picture of the world economy and urged countries to "resist protectionist tendencies" and "work towards tangible further opening of world trade." Participants also called for an overarching framework supported by states and international organisations that prevents excesses in the markets and works to counter future crises.
"This is a global crisis and it needs global solutions," said a statement issued after talks between Chancellor Angela Merkel and the heads of the International Monetary Fund (IMF), World Bank, World Trade Organization (WTO), International Labour Organization (ILO) and the Organization for Economic Cooperation and Development (OECD).
The meeting painted a gloomy picture of the world economy and urged countries to "resist protectionist tendencies" and "work towards tangible further opening of world trade."
Participants also called for an overarching framework supported by states and international organisations that prevents excesses in the markets and works to counter future crises.
My rates are very reasonable.... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
