October 5, 1998


Today, every nation has an important stake in our global economy. The expansion of international markets and the growth of the global economy over the past half century have helped lift millions of people out of poverty and raised living standards for millions more. Now a global financial crisis has put much of that progress at risk. We have learned two important lessons during this recent period of instability. First, each country must take responsibility for putting in place sound economic policies that will foster growth and stability. Second, in a global marketplace, each nation's success depends on every other nation's success.

President Bill Clinton
October 5, 1998

Today, President Clinton meets with financial authorities from the leading world economies to discuss the important task of strengthening the international financial infrastructure to meet the challenges of our rapidly expanding and converging global economy as we prepare for the 21st Century.

Planning For The Global Economy Of The 21st Century. Today, finance ministers and central bank leaders meet to discuss proposals for strengthening the international financial architecture. This meeting is a continuation of a process initiated by the President in April. Last month, the President called for this group to meet and develop recommendations to the heads of state by the end of this year. At today's meeting, the finance ministers and central bank governors will present three reports on how best to support and strengthen the global financial infrastructure:

A Presidential Plan To Spur The Global Economy. The President has proposed a number of steps to help move the economies of the world out of crisis and into prosperity for the 21st Century:

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