Bush defends free-market system
Thursday, 13 November 2008http://news.bbc.co.uk/1/hi/business/7728048.stm
US President George W Bush will claim that the global financial crisis is not "a failure of the free-market system" in a speech on Wall Street later. He is also expected to warn that government intervention is not a "cure-all" solution.
World leaders are gathering in Washington this weekend to discuss ways to fight the global economic slowdown. Ahead of the summit, French President Nicolas Sarkozy said the US dollar was no longer "the only global currency"
. Global reform
Speaking at a ceremony in Paris, Mr Sarkozy said times had changed since the Bretton Woods conference after World War II laid the foundations of modern financial institutions.
"What was true in 1945 can no longer be true today," he said.
French Finance Minister Christine Lagarde said the strength of the euro was making it more attractive than before. But she cautioned creating further instability through a major shift in central banks' currency reserves.
The summit in Washington brings together leaders of the world's biggest democracies, emerging nations and international organisations.
President Bush is calling for a reform of the global economy
"without trying to re-invent the system".
He is expected to propose specific measures, such as improving accounting rules, better co-ordination of national laws and regulations, and making the World Bank and the International Monetary Fund more representative