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US, other wealthy nations vow global warming cuts
(Agencies)
Updated: 2009-07-09 07:00 The G-8 leaders also addressed the global recession and agreed economic conditions are still too shaky to begin rolling back massive fiscal stimulus plans. A statement said leaders "note some signs of stabilization," but it stressed the difficult outlook instead of counter-concerns over debt and high spending. The leaders did commit to preparing exit strategies from the "unprecedented and concerted action" that has been taken to boost growth through government spending, low interest rates and expansive monetary policy. Germany, worried about running up crippling debt, has pressed for spending restraint, but other major economies including Britain, Japan and the United States won't rule out the need to pump in more money. The leaders gathered Wednesday in the earthquake-devastated central Italian city of L'Aquila, many arriving in electric cars and all welcomed by Italian host Premier Silvio Berlusconi. Over a long working dinner, they discussed world security issues ranging from Iran to the Democratic People's Republic of Korea (DPRK). They emerged with a joint statement deploring government-backed violence and media restrictions in the aftermath of Iran's disputed election last month. The condemnation and concern were a far cry from the calls by some for something tougher, such as sanctions against Tehran or other action. In the face of Russian opposition, the Iran issue didn't even rate a statement separate from the other security issues, as had been expected. Nonetheless, the Obama team and other leaders portrayed the statement as a victory in its unanimity. "I think it's a strong statement and it reflects a real sense of urgency," said Williams Burns, Obama's undersecretary of state for political affairs. Obama also announced at the dinner that he will host a nuclear security summit early next March in Washington. Around two dozen nations are expected to attend, to focus on nuclear terrorism, the black markets trade in nuclear materials and the detection and interception of materials in transit, said Obama adviser Mark Lippert.
China is among five developing market economies -- along with Brazil, India, Mexico and South Africa -- that are participating in the summit for the fifth straight year, joining the talks on Thursday to discuss aid and development. Also joining are nine African nations. The summit is also including a discussion of ways to expand the G-8 even further amid growing sentiment that the world's most-industrialized nations can no longer claim leadership on the global political and economic agenda. The G-8 document also calls for a rapid conclusion to the stalled Doha round of trade talks, but it doesn't set a deadline. That will be up for discussion on Thursday. The group's statement on the world economy calls for an "enhanced global framework for financial regulation" to help prevent future economic crises, but it fails to make any concrete proposals. Leaders say they will address issues such as executive pay, definition of capital, risk management and the regulation of hedge funds and credit rating agencies.
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