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The participants of the G20 summit in Washington have vowed
The participants of the G20 summit in Washington have vowed to restore global economic growth.

"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," the G20 member states said in their final communique in Washington's National Building Museum after the two-day economic summit.

The leaders also confirmed their adherence to market economy and noted that they had taken exclusive measures in the past few months to support global economy and stabilize financial markets.

"Our work will be guided by a shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation and entrepreneurship that are essential for economic growth,

employment and poverty reduction," the communique said.

"We must lay the foundation for reform to help ensure that a global crisis, such as this one, does not happen again," the statement said.

Russian President Dmitry Medvedev praised the summit. "The G20 summit ended. I believe its results are rather positive," Medvedev said at a meeting with British Prime Minister Gordon Brown.

Medvedev said that during the summit his colleagues demonstrated the will and desire to overcome the crisis.

The world leaders agreed to "recognize the importance of monetary policy support, as deemed appropriate to domestic conditions" while taking "whatever further actions are necessary to stabilize the financial system," and to "use fiscal measures" as well as support developing countries.

They also agreed to increase transparency, step up international cooperation and reform international financial organizations.

A Russian presidential aide said Saturday the next G20 summit will most likely be held in England.

"The summit will be held either in England or in Japan, but more likely in England," Arkady Dvorkovich said. He also said the next G20 summit would be held not later than April 30, 2009.

Earlier Saturday, Dvorkovich said Medvedev called for the reorganization of the global financial system.

"To make the process of reform as effective as possible, the president suggested the creation of an international commission of independent, influential experts - financial gurus," he told journalists.

The presidential aide said Medvedev emphasized that the present structure of the global financial security is inadequate, and that new financial institutions are needed to meet present demands.

"The system of the international financial architecture will have to be rebuilt to make it open, fair, efficient and legitimate," Dvorkovich said.

Medvedev also told the meeting that Russia supported the summit declaration.

"We back the declaration - it shows most of the problems. It takes into account all that worries us now," Medvedev told G20 leaders.

The G20 comprises 19 of the world's largest economies plus the European Union.


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