6 June 2008

Treasurer Swan Discusses Financial Market Stability Measures, Climate Change, Food and Oil Prices with UK Chancellor Darling

Today I met with UK Chancellor of the Exchequer, The Rt Hon Alistair Darling MP, in Edinburgh to discuss key global economic challenges facing both our countries and opportunities to work together on effective global responses.

Both the UK and Australia are strong supporters of moves to strengthen the global financial architecture to help prevent future crises on global financial markets.

Accordingly, the Chancellor and I focused on driving forward international responses to recent turbulence on global financial markets, particularly at the G8 meetings we will both attend in Osaka next week and at the G8 Leaders' Meeting to be attended by Prime Minister Rudd in July.

Chancellor Darling and I also agreed to coordinate our efforts to push for effective responses to global financial market turmoil.

In particular, we discussed the importance of enhancing the capacity of the International Monetary Fund, and implementing the recommendations of the Financial Stability Forum, including meeting timetables for key improvements agreed at the Spring Meetings of the IMF and World Bank.

The G20 provides a key forum for international engagement on key global economic issues by major developing and developed economies, including Australia.

Chancellor Darling and I also agreed to work together closely on the critical issues of climate change and rising global food and commodity prices – including oil prices – for the coming G8 meetings in Osaka and at the G8 Leaders' Meeting in July.

Communities around the world are feeling the effects of rising food and oil prices, so it's vital we work together – particularly with close friends like the UK – to tackle these major challenges.

I'm delighted to have such a determined and effective counterpart in Chancellor Darling going forward to these important G8 and G20 meetings.

LONDON