British PM Warns Financial Stimulus Packages Should Not Be Abandoned
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Prime Minister Gordon Brown on Saturday warned the world's leading countries that signs of economic recovery do not mean their financial stimulus packages should be abandoned.
Speaking at a meeting of G20 finance ministers ahead of the G20summit in Pittsburgh later this month, Brown applauded leaders for acting to stabilize banks and create the conditions necessary for a return to growth.
But he warned there was no room for "economic complacency or over confidence."
Brown said that it would be a serious mistake for countries to decide now to reverse the exceptional measures they have taken to combat the economic crisis.
"On the contrary, with more than half of the US$5 trillion fiscal expansion committed to, yet to be spent, I believe the prudent course is for G20 countries to deliver the fiscal plans and stimulus packages they have put in place and make sure they are implemented in full both this year and next," Brown said.
The prime minister proposed a series of principles during his speech, including a financial system based on responsibility, transparency and integrity.
He said that at the Pittsburgh summit the G20 leaders need to remove unsustainable imbalances between countries and encourage growth of international trade for "durable" growth.
"The G20 needs to agree a clear and unambiguous mandate for the G20 to give priority to the resumption of global growth and to help countries achieve sustainable growth going forward," Brown said.
He said the reform of both international financial institutions and banks should be implemented to "make them more accountable, more representative and more effective."
(Xinhua News Agency September 6, 2009)