THE WHITE HOUSE AT WORK
Tuesday, November 3, 1998
WORKING TO STRENGTHEN THE GLOBAL ECONOMY
In the face of worldwide economic turmoil, the American economy remains the strongest in a generation. But to keep it going we must stay with the strategy that created the conditions of this enduring economic expansion, and we must address the challenges of the global economy.
President Bill Clinton
November 3, 1998
Today at the White House, President Clinton will meet with his economic advisors to discuss a range of global economic issues, including the strategy approved by the leading economic nations to assist emerging markets make progress toward economic expansion, and plans for the President's upcoming trip to Asia where he will continue to work with our Asian partners to help economies rebound from their recent troubles.
A Presidential Plan To Spur The Global Economy. In September, President Clinton addressed the Council on Foreign Relations and outlined a six-point plan to address the challenge of working with emerging countries to ensure stability in the global economy:
- Leading Nations Must Act To Spur Global Growth;
- Intensified Efforts Must Occur To Speed Economic Recovery In Asia;
- Families In Recovering Nations Must Be Given Assistance;
- An Immediate Response If The Currency Crisis Continues;
- Increasing Export-Import Bank Commitments To Specific Economic Development Projects; and
- America Must Meet Its Obligation to The IMF.
President Clinton Has Led The Worldwide Response to The Global Economic Crisis. Since the President's speech, the Clinton Administration has worked with the economic leaders of the major industrialized nations to put these plans into action. Last Friday, the President announced that the world's leading economic countries agreed to:
- Establish a new "precautionary" line of credit, anchored in the IMF, to help countries with sound economic policies ward off the global financial crisis;
- Establish a new World Bank emergency fund to provide support in times of crisis to the most vulnerable members of society and to encourage the World Bank to leverage private sector investments in countries affected by the crisis; and
- A detailed new plan for greater openness and stronger standards for finance in the international marketplace.
In addition, Japan has committed substantial resources to repair its ailing banking system, Brazil has announced a program to tackle its fiscal problems, and the United States, Japan, Canada, and several European nations have cut interest rates to spur global growth. Next week, the President will travel to Malaysia, where he will meet with economic leaders from APEC, and continue to lead global efforts in Asia to spur growth, expand trade, and strengthen the social safety net so the most defenseless people in countries affected by economic downturns are protected.
President Clinton Continues to Provide Strong Economic Leadership In America. The President fought for and won full funding for the International Monetary Fund, reaffirming our commitment to the global economy. President Clinton is also maintaining a fiscally responsible course of action for America. The President did not allow our newly won budget surplus to be squandered on tax cuts that were not paid for, or on programs that would have drained the surplus. The President's economic plan has helped create nearly 17 million new jobs, keep unemployment and inflation at their lowest levels in a generation, and turn a nearly $300 billion deficit in 1993, into a $70 billion budget surplus in 1998. Now is not the time to turn our back on this plan and risk ending this powerful economic expansion.