HISTORIC PRESS RELEASE : Prime Minister outlines economic vision [November 2008]
The press release issued by 10 Downing Street on 3 November 2008.
The Prime Minister has outlined his vision for global economic reform, acknowledging that any countries increasing their contribution to international bodies such as the IMF should have greater influence over decision making.
Speaking to guests at a major oil conference in Abu Dhabi this morning, Mr Brown listed five steps to be taken to restore stability to the world economy: stronger banks; international coordination of financial policies; an enhanced facility under the IMF to stop the spread of crises such as the credit crunch; pushing ahead with world trade talks on the principle of free trade; and establishing global standards of supervision and regulation.
The Prime Minister also called for a reshaping of energy markets following recent spikes in gas and oil prices, stating that consumers and producers needed to move beyond the “traditional zero sum game” that pits one against the other. A special energy conference to be held in London in December, following on from June’s Jeddah summit, would be an important step in building a new framework, he said.
The PM said:
“Let us carry forward the determination to build a global consensus around a radical renewal of our international financial system, let us maintain the courage to continue and deepen the dialogue we have begun here in the Gulf for stability in energy, oil and gas and energy markets generally for the future. Let us make this time which is a time of financial crisis also a time of visionary international cooperation.
“Let us together build great companies, governments working with business, people who know about the future of energy working together, let us together build the global solutions on which the sustainability and prosperity of our global economy depends.”
The Prime Minister arrived in Abu Dhabi from Qatar, where he earlier visited a vast liquid gas complex and also met British armed forces personnel at the Al Udeid air base. Following his speech at the Abu Dhabi International Petroleum Exhibition and Conference he visited a technology college and went on to a dinner meeting with the Crown Prince, Sheikh Mohamed bin Zayed Al Nahyan.
