Wed 20 Jun, 2012 02:26 am
President Lee Myung-Bak, who is in Mexico for the G20 summit, delivered a keynote speech, at the Business Summit (B20), and has gained the support, and has identified with some 350 global CEOs, government officials, and representatives of international organization,
sought strongly to persuade other world leaders to renew their commitment to fighting protectionist policies, saying free trade is key to the global economic recovery.
President Lee appealed to the crisis-mired eurozone to make excruciating efforts, by carrying out deep-reaching reforms and restore growth momentum, no matter how painful and politically unpopular they may be. President Lee's speech gained attention because Korea was able to overcome the deep recession of 1997 IMF financial crisis.
President Lee added that the eurozone needs to come up with fundamental solutions to its debt problems saying the crisis is threatening to heart economies beyond the single-currency bloc. Moreover, he emphasized the need for cooperation between G20 members to aid economically depressed countries with measures such as the speed control of austerity, and protective trade deterrence.
We hope that Korea, a country that successfully overcame two major economic recessions in 1997, IMF crisis, and 2008, US subprime financial crisis, will play a big part in solving the Eurozone financial crisis, and stabilizing the world economy.