Word: summiteer
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Dates: during 2000-2009
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Convincing George W. Bush to host a global summit on reforming the world's crisis-stricken financial system, set for Nov. 15, was the easy part. But now French President Nicolas Sarkozy and other like-minded leaders have to get Washington's free-market advocates to subscribe to what they consider a vital regimen of new regulations. Despite the scary lessons of the last two months, that is almost certain to prove considerably more difficult...
...basic framework of the world's financial system, it's probably not the best of times for the International Monetary Fund (IMF) to be mired in internal scandal. Yet even as French President Nicolas Sarkozy got the backing of U.S. President George W. Bush Saturday to organize a summit to reform the international financial rules that the IMF oversees, the world discovered that the organization's French managing director, Dominique Strauss-Kahn, is being investigated for possible abuses of power. The findings of that inquiry - expected later this week - will not only shape the IMF's ability to navigate...
...demands it. Europe will get it." The "it" here is global financial reform, and evidently Sarkozy won't have to wait long. Just hours after their closed-door meeting had finished, Bush and Sarkozy, along with European Commission President Jose Manuel Barroso, issued a joint statement announcing that a summit would be held next month to devise what Barroso calls a "new global financial order...
...seems the East Coast might yet again be the backdrop for a massive overhaul of the world's financial playbook. U.N. Secretary-General Ban Ki-moon publicly backed calls for a summit before the new year, saying the agency's headquarters in New York - the very "symbol of multilateralism" - should play host. Sarkozy concurred, but for different reasons: "Insofar as the crisis began in New York," he said, "then the global solution must be found to this crisis in New York...
...Still, markets were more inclined to take heart in the international summit agreement Sarkozy had obtained from Bush. Despite that advance, questions remain how much the U.S. and its free-market fans will the more invasive regulatory approach that Europe seems to favor. Even as they face dire economic crisis, Americans are quicker than Continentals to distrust perceived market "socialism." Indeed, even Bush and Sarkozy seemed to clash Saturday in how each weighed the virtues of regulation against the liberty of markets...