Statements of G8 Finance Ministers and Treasury Secretary

by Sabrina I. Pacifici on June 14, 2009

  • Statement of G8 Finance Ministers, 06/13/2009: “Even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximise the potential for growth in jobs in the period of economic recovery, including by promoting targeted active labor market policies, enhancing skills development, ensuring effective social protection systems and enabling labour markets to respond to broader structural changes.”

  • Statement by Secretary Geithner at the G8 Finance Ministers Meeting, 06/13/2009: “We aim to put in place more conservative standards for financial oversight of internationally active financial institutions and global markets such as derivatives. To that end, we are proposing that the international group of banking regulators responsible for setting capital requirements take forward its work on reforming capital ratios to constrain future increases in leverage. More broadly, we will call on the international banking regulators to develop proposals by the end of this year for countries to have the necessary tools to quickly resolve failures of cross-border financial firms.”
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