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G8 Leaders Stress Boosting Growth, Job Creation |
| Source: |
cri.cn |
| Source Date: |
Sunday, May 20, 2012 |
| Focus: |
ICT for MDGs
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| Created: |
May 21, 2012 |
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Prime Minister David Cameron of the United Kingdom, President Barack Obama, Chancellor Angela Merkel of Germany, Jose Manuel Barroso, President of the European Commission, President Francois Hollande of France, and others watch the overtime shootout of the Chelsea vs. Bayern Munich Champions League final, in the Laurel Cabin conference room during the G8 Summit at Camp David, Maryland, May 19, 2012.
Leaders of the Group of Eight ( G8) industrialized nations said on Saturday that bolstering economic growth and job creation was critical to the global economic recovery, as Greek political deadlock and banking sector stress in Spain and Italy weighed on markets in past weeks.
"The global economic recovery shows signs of promise, but significant headwinds persist," the G8 leaders said in a statement on the global economy released by the White House, adding that " our imperative is to promote growth and jobs."
"We welcome the ongoing discussion in Europe on how to generate growth, while maintaining a firm commitment to implement fiscal consolidation to be assessed on a structural basis," said the statement released after leaders from the major economies discussed the global economic issues at Camp David in Maryland.
"We agree on the importance of a strong and cohesive eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments, " the leaders agreed.
All G8 nations need to take actions to boost confidence and nurture recovery including reforms to boost productivity, growth and demand within a "sustainable, credible and non-inflationary" macroeconomic framework.
"To raise productivity and growth potential in our economies, we support structural reforms, and investments in education and in modern infrastructure, as appropriate. Investment initiatives can be financed using a range of mechanisms, including leveraging the private sector," according to the statement.
Robust international trade, investment and market integration are key drivers of strong sustainable and balanced growth, said the leaders, stressing the importance of open markets and a fair, strong, rules-based trading system.
"There have been increasing disruptions in the supply of oil to the global market over the past several months, which pose a substantial risk to global economic growth," the G8 leaders said in a separate statement.
G8 countries are monitoring the global oil markets closely and "stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied," they said.
But the major economies made no explicit mention of tapping their strategic oil reserves, a choice to bring down high oil prices.
The G8 leaders also recognized that the development of a universal access to "environmentally safe, sustainable, secure, and affordable" sources of energy is essential to global economic growth and to their overall efforts to address climate change.
The G8 commissioned the World Bank to prepare a report on ways to integrate reduction of near-term climate pollution into their activities.
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G8 Leaders Stress Boosting Growth, Job Creation Prime Minister David Cameron of the United Kingdom President Barack Obama Chancellor Angela Merkel of Germany Jose Manuel Barroso President of the European Commission President Francois Hollande of France and others watch the overtime shootout of the Chelsea vs Bayern Munich Champions League final in the Laurel Cabin conference room during the G8 Summit at Camp David Maryland May 19 2012
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