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(CEP News) - In a statement, the Group of 20 Finance Minister and central bank governors said they supported the action call by the G7 and International Monetary Fund on Saturday to use all tools available to combat the global financial crisis.
In a statement, the G20 leaders committed to "using all the economic and financial tools to assure the stability and well-functioning of financial markets," and also said they will ensure "actions are closely communicated so that the action of one country does not come at the expense of others or the stability of the system as a while." The G7 on Saturday released a communiqué promising to, "Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure," and take all steps necessary to unfreeze credit and money markets. The International Monetary Fund also endorsed a statement promising further "intensive" engagement across its membership to develop policy responses to the crisis. "The Committee considers that, using its emergency procedures, the Fund stands ready to quickly make available substantial resources to help member countries cover financing needs." The G20 will meet again on Nov. 8 and 9 in Sao Paulo, Brazil. By Stephen Huebl,
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