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Lee, five G20 leaders call for 'decisive action" to tackle global economic crisis
Published : Sep 23, 2011 - 01:21
Updated : Sep 23, 2011 - 01:21

NEW YORK (Yonhap News) -- South Korean President Lee Myung-bak and five other leaders of the Group of 20 countries called Thursday for greater international cooperation to tackle the worsening global economic situation.

"For many advanced economies, the path out of the deep and prolonged recession will be difficult. This will impact on growth in emerging markets, and there is more limited room for maneuvers than in 2009," the leaders said in a joint letter to French President Nicolas Sarkozy, chair of the upcoming G20 summit in Cannes.

"We need decisive action to support growth, confidence and credibility," the letter said.

Five other leaders, who co-signed the letter, were British Prime Minister David Cameron, Mexican President Felipe Calderon, Indonesia President Susilo Bambang Yudhoyono, Canadian Prime Minister Stephen Harper and Australian Prime Minister Julia Gillard.

As priorities, the leaders called for increasing global demand and urged Eurozone governments to act swiftly to resolve the Euro crisis so as to prevent it from affecting the wider global economy.

They also called for countries with long-term debt problems to put in place and implement credible growth-friendly fiscal consolidation plans. The United States, in particular, has an important role to play in restoring confidence, they said.

"The barriers to action are not political as much as economic," the letter said. "We must send a clear signal that we are ready to take the actions necessary to maintain growth and stability for all for the future."

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