September 14, 1998


We are called upon once again to lead -- to organize the forces of a committed world to channel unruly energy into positive channels that advance our interests, reinforce our values, and enhance our security. Now it is time for us to rise to our responsibility, as America has so many times before, so that we can redeem the promise of the global economy, and strengthen our nation for the 21st Century.

President Bill Clinton
September 14, 1998

Today, President Clinton addresses the Council on Foreign Relations and discusses the challenges and opportunities presented to us in the global economy. The President will announce efforts the United States will take to help implement a plan for financial stability around the world, and call on Congress to join him in meeting America's obligations to the International Monetary Fund.

Facing The Challenges Of The Global Economy. The President's strategy of fiscal discipline, investment in our people, and open trade has worked for America. For our economy to continue to prosper, we need the economies of the world to rebound from their recent difficulties:

A Presidential Plan Of Action. The President will unveil a five-part strategy to help and support struggling economies get back on their feet:

Working To Expand Trade And Plan For The Future. Long-term stability in the global economy requires open borders and free trade. In recent years, we have completed 260 trade agreements that have opened markets for everything from cars to telecommunications, but as borders open, we must ensure that economic competition does not come at the cost of environmental or consumer protection, or labor standards. The President is asking Secretary Rubin and Federal Reserve Board Chairman Greenspan to convene the finance ministers and central bankers of the G-7 and key emerging economies later this year to develop a preliminary report to the heads of state on strengthening the world financial system.

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Initial Response To Referral

Referral of Office of Independent Counsel

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