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PresidentBushandWorldLeadersAgreeontheWashingtonDeclarationtoAddressCurrentFinancialCrisisNovember14-15,2008,WashingtonDCToday,PresidentBushandworldleadersgatheredforthefirstinaseriesofmeetingstodiscusseffortstostrengtheneconomicgrowth,dealwiththefinancialcrisis,andtolaythefoundationforreformtohelptoensurethatasimilarcrisisdoesnothappenagain.Sincetheoutbreakofthiscrisis,theworld'sleadingnationshavecoordinatedactionsmorecloselythaneverbefore.Thanksinlargeparttothesedecisivemeasures,oncefrozenglobalcreditmarketsarebeginningtothawandbusinessesaroundtheworldaregainingaccesstoessentialshort-termfinancing.Thisproblemdidnotdevelopovernight,anditwillnotbesolvedovernight.Nosinglenationwillbeabletofixthiscrisis,butwithcontinuedcooperationanddetermination,itwillbesolvedaslongaswearesteadfastinourcommitmenttoreformingourfinancialsectorsandmaintainingfreeandopenmarkets.oToday'sSummitachievedfivekeyobjectives.Theleaders:oReachedacommonunderstandingoftherootcausesoftheglobalcrisis;oReviewedactionscountrieshavetakenandwilltaketoaddresstheimmediatecrisisandstrengthengrowth;oAgreedoncommonprinciplesforreformingourfinancialmarkets;oLaunchedanactionplantoimplementthoseprinciplesandaskedministerstodevelopfurtherspecificrecommendationsthatwillbereviewedbyleadersatasubsequentsummit;andoReaffirmedtheircommitmenttofreemarketprinciples.oTheleadersagreedthatimmediatestepscouldbetakenorconsideredtorestoregrowthandsupportemergingmarketeconomiesby:oContinuingtotakewhateverfurtheractionsarenecessarytostabilizethefinancialsystem;oRecognizingtheimportanceofmonetarypolicysupportandusingfiscalmeasures,asappropriate;oProvidingliquiditytohelpunfreezecreditmarkets;andoEnsuringthattheInternationalMonetaryFund(IMF),WorldBankandothermultilateraldevelopmentbanks(MDBs)havesufficientresourcestoassistdevelopingcountriesaffectedbythecrisis,aswellasprovidetradeandinfrastructurefinancing.TheLeadersAgreedOnCommonPrinciplesToGuideFinancialMarketReform:oStrengtheningtransparencyandaccountabilitybyenhancingrequireddisclosureoncomplexfinancialproducts;ensuringcompleteandaccuratedisclosurebyfirmsoftheirfinancialcondition;andaligningincentivestoavoidexcessiverisk-taking.oEnhancingsoundregulationbyensuringstrongoversightofcreditratingagencies;prudentriskmanagement;andoversightorregulationofallfinancialmarkets,products,andparticipantsasappropriatetotheircircumstances.oPromotingintegrityinfinancialmarketsbypreventingmarketmanipulationandfraud,helpingavoidconflictsofinterest,andprotectingagainstuseofthefinancialsystemtosupportterrorism,drugtrafficking,orotherillegalactivities.oReinforcinginternationalcooperationbymakingnationallawsandregulationsmoreconsistentandencouragingregulatorstoenhancetheircoordinationandcooperationacrossallsegmentsoffinancialmarkets.oReforminginternationalfinancialinstitutions(IFIs)bymodernizingtheirgovernanceandmembershipsothatemergingmarketeconomiesanddevelopingcountrieshavegreatervoiceandrepresentation,byworkingtogethertobetteridentifyvulnerabilitiesandanticipatestresses,andbyactingswiftlytoplayakeyroleincrisisresponse.OurNationsWillContinueToTakeTheRightStepsToGetThroughThisCrisisTheleadersapprovedanActionPlanthatsetsforthacomprehensiveworkplantoimplementtheseprinciples,andaskedfinanceministerstoworktoensurethattheActionPlanisfullyandvigorouslyimplemented.ThePlanincludesimmediateactionsto:oAddressweaknessesinaccountinganddisclosurestandardsforoff-balancesheetvehicles;oEnsurethatcreditratingagenciesmeetthehigheststandardsandavoidconflictsofinterest,providegreaterdisclosuretoinvestors,anddifferentiateratingsforcomplexproducts;oEnsurethatfirmsmaintainadequatecapital,andsetoutstrengthenedcapitalrequirementsforbanks'structuredcreditandsecuritizationactivities;oDevelopenhancedguidancetostrengthenbanks'riskmanagementpractices,andensurethatfirmsdevelopprocessesthatlookatwhethertheyareaccumulatingtoomuchrisk;oEstablishprocesseswherebynationalsupervisorswhooverseegloballyactivefinancialinstitutionsmeettogetherandshareinformation;andoExpandtheFinancialStabilityForumtoincludeabroadermembershipofemergingeconomies.Theleadersinstructedfinanceministerstomakespecificrecommendationsinthefollowingareas:oAvoidingregulatorypoliciesthatexacerbatetheupsanddownsofthebusinesscycle;oReviewingandaligningglobalaccountingstandards,particularlyforcomplexsecuritiesintimesofstress;oStrengtheningtransparencyofcreditderivativesmarketsandreducingtheirsystemicrisks;oReviewingincentivesforrisk-takingandinnovationreflectedincompensationpractices;andoReviewingthemandates,governance,andresourcerequirementsoftheIFIs.Theleadersagreedthatneededreformswillbesuccessfulonlyiftheyaregroundedinacommitmenttofreemarketprinciples,includingtheruleoflaw,respectforprivateproperty,opentradeandinvestment,competitivemarkets,andefficient,effectively-regulatedfinancialsystems.Theleadersfurtheragreedto:oRejectprotectionism,whichexacerbatesratherthanmitigatesfinancialandeconomicchallenges;oStrivetoreachanagreementthisyearonmodalitiesthatleadstoanambitiousoutcometotheDohaRoundofWorldTradeOrganizati