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November 17, 2008

World Leaders Gather in Washington for Economic Summit
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World leaders gathered in Washington Saturday to discuss plans to combat
the global economic crisis. Leaders of twenty countries acknowledged
that a failure of market oversight in countries like the United States
had precipitated the financial crisis, but the leaders put off most
major decisions for another summit to be held after Barack Obama takes
office.

British Prime Minister Gordon Brown: “We are agreed on the need for
major reform of the international financial system, and it’s necessary
to give confidence that we are cleaning up the system, based on the
principles of transparency and accountability, better regulation
integrity and international cooperation. We will consider the detailed
proposals in detail at our next meeting before the end of April. This
includes proposals to establish colleges of regulators, improved
accounting standards, better disclosure of toxic assets, and reform of
the credit rating agencies.”



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