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October 09, 2008
U.S. Treasury Calls Emergency Weekend Meeting of G20

Source: Radio Australia

The co-ordinated interest rate cut by global central banks followed another disastrous day of trading in Asia, in which the Nikkei fell more than nine-percent, and the Indonesian stock exchange was suspended indefinitely. A few hours ago, the United States Treasury Secretary Henry Paulson welcomed the joint international move.

"US and global financial markets continue to be severely strained. A root cause of this situation is the housing correction and a lack of confidence in mortgage assets, as well as a lack of confidence in many of the financial institutions that hold these assets," Mr Paulson told reporters.

"Because of this widespread uncertainty investors are hesitant to commit capital to financial institutions. Investor confidence is critical to restore liquidity and enhance the stability of our financial system.

"Today's announcement of a coordinated rate cut including Europe, China and other large economies is a welcome sign that Central Banks around the world are prepared to take the necessary steps to support the global economy during this difficult time."

Mr Paulson also says an emergency meeting has now been called, of the G20 advanced and developing nations. The meeting will take place in Washington this weekend, and will include finance ministers and others already in town for a scheduled meeting of the International Monetary Fund and the World Bank.