U.S. to hold international summit on financial crisis
WASHINGTON — President Bush, under pressure from allies, Saturday agreed to host a summit of world leaders before leaving office, to work on responses to the global financial crisis, including more rigorous international oversight of markets.
But Bush, flanked by French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso as he announced the meeting, emphasized his view that toughened financial regulations should respect free and open markets.
"It is essential that we preserve the foundations of democratic capitalism: a commitment to free markets, free enterprise and free trade," Bush said before he and his guests met privately at the Camp David retreat in Maryland.
The summit is expected to convene sometime between the November presidential election and the end of the year, possibly in New York. Sarkozy suggested that it take place there by the end of next month.
A joint statement by the United States, France and the Presidency of the European Commission issued after the meeting said the three men "agreed they would reach out to other world leaders next week with the idea of beginning a series of summits on addressing the challenges facing the global economy."
A first summit would be held to "review progress being made to address the current crisis and to seek agreement on principles of reform needed to avoid a repetition and assure global prosperity in the future," according to the statement. Later summits would determine steps to be taken to meet the principles.
Bush took no questions in making his announcement and said nothing about the role his successor might play at the summit. But a senior administration official, who was not authorized to speak publicly about the gathering's details, said, "Of course we would be interested in the views of the president-elect and would welcome his input."
The official also left open the possibility that the president-elect, who will take office Jan. 20, would be invited to the summit. That could transform it from a meeting at which Bush, as a lame duck, might be unwilling to agree to significant reforms into a gathering of potentially more consequence.
Sarkozy and Barroso have been outspoken proponents of more sweeping international oversight of markets. European Union leaders concluded their own summit last week vowing to work with other nations toward what Sarkozy called "a new world governance" of finance.
