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Updated: 11:14 AM Sep 10, 2008
Global Summit Wraps Up at UVa
Financial leaders from all around the world were at the University of Virginia for the first Global Summit. Many leaders say they have solutions that might help the world economy get back on track.
Posted: 6:35 PM Sep 9, 2008Reporter: Stephanie Satchell Email Address: stephanie.satchell@wcav.tv |
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September 9. 2008
Financial leaders from all around the world were at the University of Virginia for the first Global Summit. Many leaders say they have solutions that might help the world economy get back on track.
Former financial leaders discussed ideas like strengthening financial institutions and sustainable growth policies.
According a former U.S. Treasury Secretary, John Snow, if implemented these policies might help fix the struggling economy.
“What we did was to focus on the large important questions of the global economy. How do we sustain growth? How do we deal with the financial crisis,” said John Snow, Former U.S. Treasury Secretary.
After meeting for two days leaders say they have answers to many of these questions. Most of the solutions include revising current policies and also making a few new policies.
“This is the first time that finance ministers have met and said we need to grow. We can’t grow the same way in the future as we've been growing in the past because we'll deplete the resource base for the world,” said Snow.
Leaders plan to achieve sustainable growth with incentives. They talked about policies that would offer incentives for more efficient use of natural resources.
Another big issue leaders want to revise is the way financial institutions do business.
“We talked about the role of these financial institutions in a new way, saying they need to focus on what they can do and holding nation states accountable for their own regulatory system to do what they should be doing,” said Snow.
Snow is hopeful that current policy makers and finance ministers will take what they learned from the global summit and use it in the future.
During the Global Summit leaders also discussed the idea of using investment capital to create new jobs.
Leaders at the global summit were from dozens of countries, including India, China, Afghanistan, and the U.S.
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