Today I will begin meetings in Washington D.C. with key US economic policy makers in preparation for the G20 Leaders' meeting which the Prime Minister and I will attend this week.
In Washington I will meet with key US economic policy makers, including US Treasury Secretary Henry Paulson and Federal Reserve Chairman, Ben Bernanke. I will also meet with private sector representatives in Washington and New York.
I will continue to pursue coordinated international responses to the global financial crisis to stabilise financial markets, help restore confidence, and minimise the impacts of the crisis on real economies in both the developed and developing world.
Today I will meet Christopher Cox, Chairman of the Securities and Exchange Commission to discuss supervisory and regulatory responses to the global financial turmoil. It will also be a chance to discuss the recently agreed mutual recognition of securities regulation arrangement between our two countries.
At the Brazil Finance Ministers and Central Bank Governors' meeting there was agreement that the global financial crisis requires nations to work together to develop coordinated and comprehensive global responses.
At the meeting, Finance Ministers made important preparations for the meeting of G20 Leaders in Washington this week. Key outcomes of the meeting include:
- Agreement that the G20 plays a vital role in responding to challenges facing the world economy;
- Agreement to improve supervisory and regulatory regimes;
- Agreement that governments would take all necessary steps to support sustainable growth, including through fiscal policy;
- Strong support for a timely conclusion of the Doha round of trade negotiations, as well as broad recognition that a return to protection at this time would be very damaging;
- Agreement on the need for reforms to the IMF and World Bank in light of dramatically changed global economic circumstances.
I also promoted Australia's reform agenda for the international financial architecture outlined by the Prime Minster, which was well received by members.
I will be building further support for this reform agenda and its implementation with ministerial colleagues when the Prime Minister and I attend the G20 Leaders Summit on 14 and 15 November.
WASHINGTON D.C.