(Updates with additional quotes from Bush, text from communique, starting in fourth paragraph.)
By Mark H. Anderson and Henry J. Pulizzi Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- U.S. President George W. Bush said Saturday that the Group of 20 financial summit was successful and marks the beginning of a dialogue among world leaders to resolve the financial crisis.
"A meeting is not going to solve the world's problems," Bush said in a short statement after Saturday's G20 meeting concluded. He added the meeting begins a process on the financial crisis that "will make this less likely to happen in the future."
Bush said the G20 discussed making financial regulations more consistent worldwide, reform of financial regulations and the desire to avoid protectionist responses to the crisis, among other matters.
His comments hit most of the notes he struck earlier this week in a speech in New York, a forceful endorsement of the free-market system and rejection of the impulse to reinvent the world's financial architecture. The president appeared upbeat but didn't take questions from reporters.
Bush said leaders at the summit came to a "common understanding all of us should promote pro-growth economic policies." He gave no indication that his support for pro-growth policies would extend to economic stimulus legislation proposed by congressional Democrats and likely to be voted on next week.
The communique released by the G20 moments before Bush took the stage in the National Building Museum pledged to broaden efforts to contain the financial crisis and revive the world economy. The leaders, however, cautioned against policies that could be counterproductive to either domestic economies or the global system as a whole.
"Against this background of deteriorating economic conditions worldwide, we agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries," the final communique said.
Bush repeated his support for an update of regulatory structures that doesn't inhibit innovation or free markets. He said markets should be more transparent and accountable and backed the creation of a clearinghouse to process credit default swaps. He reiterated his support for reform of the World Bank and International Monetary Fund, saying developing countries should be given more of a say at the institutions.
"These institutions have been very important... but they were based on an economic order of 1944."
Bush said the financial-market rescue package now being implemented is beginning to see positive results, but he cautioned that it would take time for the full impact to be felt.
"Those of you who have followed my career know that I'm a free-market person. Until you're told that if you don't take decisive measures, then it's conceivable that our country could go into depression greater than the Great Depression," Bush said. "So my administration has taken significant measures to deal with a credit crisis."
The president, whose second term ends in January, said he will work "tirelessly" to make sure the U.S. government transition to a new presidential administration is smooth. He also said President-elect Barack Obama's leadership team has been fully briefed on the goals of the G20 meeting just concluded.
-By Mark H. Anderson and Henry J. Pulizzi, Dow Jones Newswires; 202-862-9254; mark.anderson@dowjones.com
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(END) Dow Jones Newswires
November 15, 2008 15:34 ET (20:34 GMT)

Publié le 15 novembre 2008 Copyright © 2008 Dowjones