USA: WASHINGTON: BILL CLINTON AT SPECIAL ECONOMIC CRISIS MEETING

English/Nat President Clinton on Monday convened a meeting of officials from 22 nations searching for ways to fight a widening economic crisis. His presence at the special conference of finance leaders from rich and developing nations was designed to send a reassuring signal to jittery markets. The president has called the current financial crisis the biggest threat to the world's economy in 50 years. The focus of the special 22-nation conference were reports prepared by deputies during the past five months. The reports urged greater openness by all countries, tougher banking rules and the consideration of ways to make investors pay for their mistakes rather than reaping the benefit of I-M-F bailouts. In his speech to the 22-nation meeting, President Clinton acknowledged that drastic action had to be taken to stabilise the world economy. SOUNDBITE: (English) "We must ensure that the international financial architecture is prepared for the new challenges of our time. Especially the challenge of building a system that will lessen and manage the risks in the global market to allow countries to reap the benefits of free flowing capital in a way that is safe and sustainable." SUPER CAPTION: U-S President Clinton He added organisations like the IMF and the World Bank faced a daunting challenge in trying to introduce reforms, but said it was a worthwhile task. SOUNDBITE: (English) "You are doing important work. Perhaps the most important work the world can be doing at this moment in history. The institutional reforms that flow from all this work will shape the global financial system for the next half century. The way we move forward using our work here tonight will help to determine the course of our children's future. We must do whatever it takes to build them a future of stable and sustained progress and limitless opportunity. I am convinced that as formidable as the challenge may seem, it is well within our grasp if we determine to do what it takes. Thank you very much." SUPER CAPTION: U-S President Clinton Investors have been disappointed that this weekend's meetings at the International Monetary Fund and among the Group of Seven wealthy nations failed to produce any major new initiatives to deal with the economic problems that began in Asia last year, levelled the Russian economy and are now threatening Latin America, including Brazil. The financial crisis, which has already prompted the I-M-F to assemble more than 100 (B) billion U-S dollars in bailouts for Thailand, Indonesia, South Korea and Russia, created a distinctly somber mood at the meetings. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/a930b5fe2c9046f1669293576ec1a2b5 Find out more about AP Archive: http://www.aparchive.com/HowWeWork