November 16, 2008	Sunday	Ziqa'ad 17, 1429

WASHINGTON, Nov 15: World leaders on Saturday backed a rapid response to the global economic crisis, agreeing on the need for measures to kick-start growth, better financial market regulation and more say for emerging countries.

But they did not commit to coordination of interest rate cuts or of public spending to counter what could be deep world recession, saying any moves were up to each country, according to a text of their summit communique obtained by Reuters.

Presidents and prime ministers from the powers of the 20th Century joined the leaders of new economic heavyweights such as export colossus China and oil-rich Saudi Arabia at the summit.

Their declaration, wrapped up during a five-hour meeting, also included a rejection of protectionism, a source close to the negotiations said.

“We agreed that a broader policy response is needed, based on closer macroeconomic cooperation, to restore growth, avoid negative spillovers and support emerging market economies and developing countries,” the draft text said.

The leaders agreed to “use fiscal measures” and said they recognised “the importance of monetary policy support, as deemed appropriate to domestic conditions,” the draft said, adding they would “take whatever further action needed to stabilise the financial system.”

The leaders met in a Washington museum around a large map of the world symbolising the global nature of their attempted economic rescue plan.

Signs are mounting of a painful economic slump in many regions, with the euro zone slipping into recession according to data released last week, unemployment climbing in the United States and elsewhere and emerging economies slowing. In another sign of how countries are suffering from the crisis, India took the latest in a series of steps to improve money market liquidity and help exporters.—Reuters