G8 Leaders on Global Economy
THE WHITE HOUSE
Office of the Press Secretary
May 19, 2012
Statement by G-8 Leaders on the Global Economy
Our imperative is to promote growth and jobs.
The global economic recovery shows signs of promise, but significant
headwinds persist.
Against this background, we commit to take all necessary steps to
strengthen and reinvigorate our economies and combat financial stresses,
recognizing that the right measures are not the same for each of us.
We welcome the ongoing discussion in Europe on how to generate growth,
while maintaining a firm commitment to implement fiscal consolidation to be
assessed on a structural basis. We agree on the importance of a strong and
cohesive Eurozone for global stability and recovery, and we affirm our interest
in Greece remaining in the Eurozone while respecting its commitments. We all
have an interest in the success of specific measures to strengthen the
resilience of the Eurozone and growth in Europe. We support Euro Area Leaders'
resolve to address the strains in the Eurozone in a credible and timely manner
and in a manner that fosters confidence, stability and growth.
We agree that all of our governments need to take actions to boost
confidence and nurture recovery including reforms to raise productivity, growth
and demand within a sustainable, credible and non-inflationary macroeconomic
framework. We commit to fiscal responsibility and, in this context, we support
sound and sustainable fiscal consolidation policies that take into account
countries' evolving economic conditions and underpin confidence and economic
recovery.
To raise productivity and growth potential in our economies, we support
structural reforms, and investments in education and in modern infrastructure,
as appropriate. Investment initiatives can be financed using a range of
mechanisms, including leveraging the private sector. Sound financial measures,
to which we are committed, should build stronger systems over time while not
choking off near-term credit growth. We commit to promote investment to
underpin demand, including support for small businesses and public-private
partnerships.
Robust international trade, investment and market integration are key
drivers of strong sustainable and balanced growth. We underscore the importance
of open markets and a fair, strong, rules-based trading system. We will honor
our commitment to refrain from protectionist measures, protect investments and
pursue bilateral, plurilateral, and multilateral efforts, consistent with and
supportive of the WTO framework, to reduce barriers to trade and investment and
maintain open markets. We call on the broader international community to do
likewise. Recognizing that unnecessary differences and overly burdensome
regulatory standards serve as significant barriers to trade, we support efforts
towards regulatory coherence and better alignment of standards to further
promote trade and growth.
Given the importance of intellectual property rights (IPR) to stimulating
job and economic growth, we affirm the significance of high standards for IPR
protection and enforcement, including through international legal instruments
and mutual assistance agreements, as well as through government procurement
processes, private-sector voluntary codes of best practices, and enhanced
customs cooperation, while promoting the free flow of information. To protect
public health and consumer safety, we also commit to exchange information on
rogue internet pharmacy sites in accordance with national law and share best
practices on combating counterfeit medical products.
(Distributed by the Bureau of International Information Programs, U.S.
Department of State.)
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