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U.S. Commerce Secretary Carlos Gutierrez (file photo) |
U.S. Commerce Secretary Carlos Gutierrez says the summit of leaders of industrialized and developing economies did not produce any immediate2, concrete action to shore up the financial system. Rather, he said, the meeting promoted consensus3 on how to formulate4 a way forward.
"I think the important thing is the leaders of G-20 coming together and agreeing on a longer-term agenda," said Carlos Gutierrez. "One meeting is not going to solve the whole global situation, but they did agree in principles. They agreed on future meetings. They agreed on a process. I think that is a very important step."
Gutierrez was speaking on CNN's Late Edition program.
The G-20 meeting yielded pledges to strengthen the ground rules under which financial markets operate. Participants also promised efforts to boost investor5 and consumer protection, and to stimulate6 economic growth.
Secretary Gutierrez said President Bush shares the view of other participants that some market oversight7 is needed to prevent excesses and abuses, but is adamant8 that the free market be preserved.
"We are here to strengthen our free-market capital system, not to change it," he said. "There is an inclination9 when you get into problems like this to go to an extreme, to over-regulate. I think we have to be careful. We have to find a balance, and we cannot over-regulate so that five years from now we are trying to claw our way back because we overdid10 it."
The G-20 meeting was held amid a continuing drumbeat of unsettling economic news around the world. Last week, Germany officially slipped into recession, while more Americans filed for unemployment benefits, and China's projections11 for economic growth were cut.
1 coordinated | |
adj.协调的 | |
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2 immediate | |
adj.立即的;直接的,最接近的;紧靠的 | |
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3 consensus | |
n.(意见等的)一致,一致同意,共识 | |
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4 formulate | |
v.用公式表示;规划;设计;系统地阐述 | |
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5 investor | |
n.投资者,投资人 | |
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6 stimulate | |
vt.刺激,使兴奋;激励,使…振奋 | |
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7 oversight | |
n.勘漏,失察,疏忽 | |
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8 adamant | |
adj.坚硬的,固执的 | |
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9 inclination | |
n.倾斜;点头;弯腰;斜坡;倾度;倾向;爱好 | |
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10 overdid | |
v.做得过分( overdo的过去式 );太夸张;把…煮得太久;(工作等)过度 | |
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11 projections | |
预测( projection的名词复数 ); 投影; 投掷; 突起物 | |
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