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Published on October 21, 2008
Statement to the press made by M. Nicolas Sarkozy, President of the Republic, alongside with M. George W. Bush, President of the United States of America and M. Manuel Barroso, President of the European Commission.

Camp David, MD, October 18, 2008

(…) President Bush, cher George,

Thank you for inviting us. President Barroso and I, mandated by the 27 EU Member States, have come to say first of all that this crisis is global. We have to find a global solution. Every part of the world - first the United States, then, Europe, and today Asia - is today trying to find an answer to the crisis, but this answer will be more effective if we find it together, if we drive it forward together and if we build tomorrow’s capitalism. This crisis - I’m saying what I think - can be an opportunity if we don’t fall back into the detestable habits of the past, those which led us to where we are.

The President of the United States is right to say that protectionism and focusing on national interests would be a disaster. He is right to say that calling the market economy into question would be disastrous. But nor can we any longer continue with the same causes which will produce the same effects. The market economy needs rules; freedom can exist only where there is responsibility, only where those who have sinned shoulder their responsibilities.

So from Europe we have come to tell the great American nation that we want to build a new world, the twenty-first century world which we want to build hand in hand with you, but we don’t want to waste time. We - the G8 nations as they have declared, and very probably, the G5 nations - want a summit so that all together, particularly with Asia, we find solutions. We think this summit must be held, as President Bush has said, very soon, perhaps before the end of November. We think that since the crisis started in New York, we are going, all together, to find the global solution to the crisis in New York. We are going to focus on the fundamentals in order to draw up the rules of the twenty-first century. After all, we are in the twenty-first century and we are continuing with the rules of the twentieth. The hedge funds can’t go back to doing what they did before. The tax havens, financial institutions not bound by any controls - this isn’t acceptable, it’s no longer possible and together, between friends, between allies, we have to tell the world that we are determined to find the solution and find the answer. (…)

Why do we have to move fast? We have to move fast because we have to stabilize the markets rapidly and find answers. Above all, the day calm has returned we must prevent the same people doing again, under the same conditions, what they did before which is what has brought us to where we are today. (…)./.

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