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Feb 23, 2009 G20 Preparatory Meeting - European Summit, Berlin Press Meeting: http://ec.europa.eu/avservices/ebs/schedule.cfm?page=1&date=02/22/2009&institution=0 The FULL text of Gordon Brown' speech at the new's conference is at the end... Gordon Brown press conference, London Summit, 18 February 2009: http://www.youtube.com/watch?v=vWXdCIUX5Wg Executive Summary: http://www.londonsummit.gov.uk/resources/en/PDF/road-to-summit-summary Full Report: http://www.londonsummit.gov.uk/resources/en/PDF/road-to-london-summit "We will all pay a high price for free-trade failure": http://ec.europa.eu/commission_barroso/ashton/speeches_articles/artpm056_en.htm CRS reports on WTO and Doha round: http://wikileaks.org/leak/crs/RS22927.pdf http://wikileaks.org/leak/crs/RL32060.pdf GEAB No32 is available! 4th quarter 2009 Beginning of Phase 5 of the global systemic crisis: phase of global geopolitical dislocation: http://www.leap2020.eu/GEAB-N-32-is-available!-4th-quarter-2009-Beginning-of-Phase-5-of-the-global-systemic-crisis-phase-of-global-geopolitical_a2805.html Gordon Brown FULL Text: Our first priority are the needs of homeowners are worried about their mortgages, men and women worried about their jobs; and of course businesses worried about whether they will have the working capital at a time when the banking system has failed them. And these testing times need the best of economic leadership - and I'm very grateful to Chancellor Merkel for the leadership she has shown in convening this meeting today. A meeting which is a pathway towards the G20 Summit on April the second in London, at which countries from all over the world will be present. These are testing times. We have seen the biggest global fiscal stimulus that has ever been done. We've seen the biggest cut in interest rates that the world has ever had. We are now seeing the biggest injection of funds into our banking system to ensure that banks can lend again to businesses. But today we decided that we need to do even more than that, by working together. We need a Global New Deal, we need a Grand Bargain between the countries and continents of this world, so that the world economy can not only recover, but as Angela Merkela said, the economic system of the future can be based on the soundest and best principles of all. First of all we are determined that where we have global flows of capital, that instead of just national supervisors - which is inadequate - we will have a global system where we can identify and show transparancy and have disclosure of all financial institutions including the special investment vehicles, the shadow banking system that has emerged, and of course, hedge funds. And these principle shall be enshrined in the Financial Stability Forum's work which will be presented to the G20 in April. Secondly, we need to go further and ensure that the monetary and fiscal stimulus that the world is now seeing, is one that delivers the results that we want. About a trillion dollars already has been invested into the world economy - more is to come - and we need to show that that is delivering the jobs and the opportunities that are absolutely essential for the recovery. And the third thing that we got to show, together, is that we can restructure the banking system around sound banking principles, that deliver the integrity and the trust and the openness and transparency that is essential for people to once again trust the banks. And we are looking at how working with all continents, we can ensure the best means by which the banking system can serve the public stewards of people's money, rather than speculators with people's money. And fourthly and finally, we decided that the international institutions have got to play a bigger role in working with individual countries to ensure both the stabilty of the international system and it's growth. We decided that the international institutions should have at least 500 Billion Dollars to enable them not just to deal with crisis, but to enable them to be able to prevent crisis. We have also decided that we want to see a greater role for the World Bank in helping the poorest countries of the world. We also want to see, as part of the stimulus to the World Economy, a Global Green Deal - in other words - that a lot of the resources that are invested, are invested in a low-carbon economy for the future. We are resolved that global problems need global solutions, and we will work together over these next few weeks to make sure that by our cooperation and our determination to act together, we can not only inject the confidence that is necessary in the World Economy but also build anew the economic activity that is necessary for the jobs; for the security that the people of the world want.