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G-20 vows to stabilise markets

Washington: Vowing to work together to overcome the financial turmoil, India and other G-20 countries have said they will use all “economic and financial tools” to ensure the stability of markets as they emphasised the need for international cooperation in the wake of the implications of the crisis.

The Group of 20 industrial powers and emerging economies said they were “committed to using all the economic and financial tools to assure the stability and well functioning of financial markets,” according to a communiqué issued after a special emergency meeting of the bloc here on Saturday night.

They expressed their commitment to ensure that “actions are closely communicated so that the action of one country does not come at the expense of others or the stability of the system as a whole,” it said.

Chaired by Brazilian Finance Minister Guido Mantega, the meeting of the G-20 Finance Ministers and Central Bank Governors stressed the resolve “to work together to overcome the financial turmoil and to deepen cooperation to improve the overall functioning of the world’s financial markets.”

RBI Governor D. Subbarao, along with the Secretary Economic Affairs Ashok Chawla, participated in the extraordinary meeting called by Brazil and U.S. Treasury Secretary Henry Paulson at the Headquarters of the International Monetary Fund.

Noting that the global financial crisis would have impact on emerging markets like India, Mr. Subbarao said the country “stands prepared” to counter any spillover effects of the crisis.

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