Wien, 17. November 2008 Press release

Plassnik: "Willingness to develop approaches for a global remedy"

Foreign Minister on the outcome of the G20 Summit

Vienna, 17 November 2008 – "Awareness of the need for common action and willingness to develop approaches for a global remedy", is what the world financial summit in Washington has made clear according to Foreign Minister Ursula Plassnik. "The G20 Summit has identified a series of reasonable proposals and responds to the acute financial crisis. It is now important that the short-term measures are quickly implemented until the follow-up summit in April", said the Minister.

Plassnik: "As an export nation, Austria is particularly interested in a recovery of the financial markets and the economy in Europe and the world. This is the only way of securing jobs in Austria, our prosperity, and our economic power in the future", said the Foreign Minister.

The essential message of the declaration is - as agreed in advance among the European Financial Ministers and Heads of State and Government - that, in the future, there will be no markets, market participants, or financial products that are not subject to a regulated financial market authority and strict rules on transparency. "This is not about a new kind of dirigisme, but the definition of a clear and global framework understandable to everyone. This is indispensable for restoring confidence among consumers and enterprises", said Plassnik.

"Following the conflict in the Caucasus region, the European crisis management is also proving its worth in the financial crisis. We have demonstrated that cooperation on a European level is working, that Europe is speaking with one voice, and is in a position to point the way forward on a worldwide level", Plassnik explained, adding that "the financial crisis, however, now also provides the opportunity to assume responsibility and to exploit the chance to adjust the major international financial institutions such as the International Monetary Fund or the World Bank to the requirements of the 21st century. The clear commitment to partnership, cooperation, and multilateralism at the G20 Summit is encouraging, especially in view of the further efforts required within the framework of the UN. The objective now is to involve all states of the international community - above all the developing countries, which must not be abandoned in the economic crisis."

Contact:
Federal Ministry for
European and international Affairs
Press Department
Tel.: ++43 (0) 50 1150-3262, 4549, 4550
Fax: ++43 (0) 50 1159-213
abti3(at)bmeia.gv.at

Foreign Minister on the outcome of the G20 Summit

Vienna, 17 November 2008 – "Awareness of the need for common action and willingness to develop approaches for a global remedy", is what the world financial summit in Washington has made clear according to Foreign Minister Ursula Plassnik. "The G20 Summit has identified a series of reasonable proposals and responds to the acute financial crisis. It is now important that the short-term measures are quickly implemented until the follow-up summit in April", said the Minister.

Plassnik: "As an export nation, Austria is particularly interested in a recovery of the financial markets and the economy in Europe and the world. This is the only way of securing jobs in Austria, our prosperity, and our economic power in the future", said the Foreign Minister.

The essential message of the declaration is - as agreed in advance among the European Financial Ministers and Heads of State and Government - that, in the future, there will be no markets, market participants, or financial products that are not subject to a regulated financial market authority and strict rules on transparency. "This is not about a new kind of dirigisme, but the definition of a clear and global framework understandable to everyone. This is indispensable for restoring confidence among consumers and enterprises", said Plassnik.

"Following the conflict in the Caucasus region, the European crisis management is also proving its worth in the financial crisis. We have demonstrated that cooperation on a European level is working, that Europe is speaking with one voice, and is in a position to point the way forward on a worldwide level", Plassnik explained, adding that "the financial crisis, however, now also provides the opportunity to assume responsibility and to exploit the chance to adjust the major international financial institutions such as the International Monetary Fund or the World Bank to the requirements of the 21st century. The clear commitment to partnership, cooperation, and multilateralism at the G20 Summit is encouraging, especially in view of the further efforts required within the framework of the UN. The objective now is to involve all states of the international community - above all the developing countries, which must not be abandoned in the economic crisis."

Contact:
Federal Ministry for
European and international Affairs
Press Department
Tel.: ++43 (0) 50 1150-3262, 4549, 4550
Fax: ++43 (0) 50 1159-213
abti3(at)bmeia.gv.at