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Bush said the meeting, which is due to this weekend in Washington D.C., will lay the foundation for financial reforms.
"This crisis did not develop overnight, and it will not be solved overnight," the president said in a speech in the Federal Hall, "In addition to addressing the current crisis, we also need to make broader reforms to strengthen the global economy over the long term."
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Group of Seven central bank governors pose for a group photo after their meeting at the Treasury Department in Washington, the Unuted States, October 10, 2008. (L-R) are: Bank of Canada Governor Mark Carney, Bank of France Governor Christian Noyer, President of Germany's Bundesbank Axel A. Weber, Chairman of the U.S. Federal Reserve Ben Bernanke, Italy's central bank governor Mario Draghi, Japan's central bank governor Masaaki Shirakawa, Bank of England governor Mervyn King, President of the European Central Bank Jean Claude Trichet and International Monetary Fund Managing Director Dominique Strauss-Kahn. |
One vital principle of reform is to make financial markets more transparent, he said. "We should consider improving accounting rules for securities, so that investors around the world can understand the true value of the assets they purchase."
Bush also urged proper regulation on markets, firms, and financial products and enhance the integrity financial markets.
"We must strengthen cooperation among the world's financial authorities," he added, and "move forward with other significant reforms to make the IMF (International Monetary Fund) and World Bank more transparent, accountable, and effective."
Moreover, the president attached much attention to the importance of free market capitalism by saying that "the long-term solution to today's problems is sustained economic growth. And the surest path to that growth is free markets."
The G-20 Summit is to be convened for the global economic crisis. Leaders from Group 8, the European Union and major developing countries will be present at the meeting.