{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='UK/USA: G7 PROPOSALS TO STRENGTHEN GLOBAL ECONOMY UPDATE' data-url='/boclips/videos/5c54be22d8eafeecae139520' data-video-url='/boclips/videos/5c54be22d8eafeecae139520' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUK/USA: G7 PROPOSALS TO STRENGTHEN GLOBAL ECONOMY UPDATE\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/Nat The Group of Seven (G-7) leading industrial nations has announced new proposals to strengthen international financial systems in the wake of last year's Asian currency crisis.Statements were delivered by U-K Chancellor of the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat \u003cbr/\u003eThe Group of Seven (G-7) leading industrial nations has announced new proposals to strengthen international financial systems in the wake of last year's Asian currency crisis.\u003cbr/\u003eStatements were delivered by U-K Chancellor of the Exchequer, Gordon Brown, in London, and by U-S President Bill Clinton and U-S Treasury Secretary Robert Rubin in Washington on Friday.\u003cbr/\u003eAmong the central proposals for crisis prevention is an increased International Monetary Fund reserve to come to the aid of struggling economies.\u003cbr/\u003eThe U-K Chancellor of the Exchequer, and the Governor of the Bank of England, have welcomed proposals drafted by the Group of Seven (G-7) leading industrial nations to protect the global economy.\u003cbr/\u003eGordon Brown, speaking on behalf of Britain in its capacity as Chairman of the Group of Seven (G-7), made a statement from the Treasury in London on Friday afternoon.\u003cbr/\u003eBrown was reporting the terms of a new agreement, reached by finance ministers and central bank governors of the G-7 countries, on detailed reforms to strengthen the global economy.\u003cbr/\u003eThe agreement was published simultaneously in each of the G-7 countries.\u003cbr/\u003eThe Chancellor emphasised that the financial crisis that swept through Asia last year, with reverberations felt around the world, exposed long-standing weaknesses in international financial systems.\u003cbr/\u003eFriday's plan announced by Brown includes a mechanism for crisis prevention, a new process for global financial regulation, and new proposals for transparency and crisis resolution that each G-7 country will apply in future.\u003cbr/\u003eCentral proposals for crisis prevention include an increased International Monetary Fund (I-M-F) reserve.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The central element would be an enhanced I-M-F supplementary reserve facility which would provide a contingent short-term line of credit for countries pursuing strong I-M-F approved policies.  This facility could be drawn upon in times of need and would entail appropriate interest rates along with shorter maturities.  The facility would be accompanied by appropriate private sector involvement, and in appropriate circumstances, and up to individual governments, the facility could be complemented in individual cases by bilateral contingent financing.\"\u003cbr/\u003eSUPER CAPTION: Gordon Brown, UK Chancellor of the Exchequer\u003cbr/\u003eBrown said there would also be a new World Bank emergency facility to provide additional funding on special terms to the most vulnerable groups in society and for the restructuring sectors. \u003cbr/\u003eBrazil is expected to become the first recipient of the emergency loans facility as the G-7 nations -- Britain, Canada, France, Germany, Italy, Japan and the United States -- have agreed to provide Brazil with more than 30 (b) billion (U-S) dollars in emergency aid from the I-M-F.\u003cbr/\u003eIn President Clinton's outline of the G-7's proposals he expressed enthusiasm at the outcome of the meeting.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Today I'm pleased to report that the world's leading economies have linked arms to contain the financial turmoil that threatens growth not only in emerging markets but in all markets of the world. The leaders of the major industrial economies have taken the following steps: \u003cbr/\u003eThis morning they've released a statement outlining our common agenda. First, we have agreed to establish a new precautionary line of credit anchored in the I-M-F to help countries with sound economic policies ward off the global financial crisis in the first place.\"\u003cbr/\u003eSUPER CAPTION: U-S President Bill Clinton \u003cbr/\u003eClinton spoke of the far-reaching implications of the proposals for better global financial security in the future.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"Second, we have also agreed to establish a new World Bank emergency fund to provide support in times of crisis to the most vulnerable members of society and to encourage the World Bank to leverage private sector investments in countries now affected by the crisis. Finally, even as we act to contain the crisis, we're building a modern framework for the global markets of the 21st Century.\"\u003cbr/\u003eSUPER CAPTION: U-S President Bill Clinton\u003cbr/\u003eClinton noted the role played by Great Britain as current head of the G7 group of nations.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"So I feel quite good about what my fellow G-7 leaders and others have done here. I thank them for their support. I thank especially Prime Minister Blair for his support.\"\u003cbr/\u003eSUPER CAPTION: U-S President Bill Clinton\u003cbr/\u003eU-S Treasury Secretary, Robert Rubin, echoed Clinton's sentiments, praising both the work done by the seven nations in reaching the current proposals, and the role played by U-K Chancellor of the Exchequer, Gordon Brown.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"I do believe this is a very very significant set of statements. I think what you see is a framework and it's a framework within which the international community is going to be working for a long time to come in trying to set in place the architecture for these global financial markets and I do think it's an immensely important event to have the G7 leaders coming together around this framework. It represents a tremendous amount of work. I might add in that respect that Gordon Brown, the Chancellor of the Exchequer in Great Britain, must take great credit for having quarterbacked this effort that all of us worked so hard on.\"\u003cbr/\u003eSUPER CAPTION: James Rubin, US Treasury Secretary\u003cbr/\u003eBrazil is expected to become the first recipient of loans from the new World Bank emergency facility as the G-7 nations -- Britain, Canada, France, Germany, Italy, Japan and the United States -- have agreed to provide Brazil with more than 30 (b) billion (U-S) dollars in emergency loans from the I-M-F.\u003cbr/\u003eThe G-7 has also agreed to strengthen supervision of short-term capital flows to stem global financial turmoil.\u003cbr/\u003eThe intention is to tighten up coordination of their policy to strengthen the global financial system and head off global deflation.\u003cbr/\u003eThe G-7 plan has also underlined the need for the I-M-F to streamline its operations and make them more open to scrutiny and, in turn, make the I-M-F more effective.\u003cbr/\u003e  London, October 30, 1998\u003cbr/\u003e1.  Wide shot, Gordon Brown and Eddie George enter room, Brown goes to podium\u003cbr/\u003e2.  SOUNDBITE: (English) Gordon Brown, UK Chancellor of the Exchequer\u003cbr/\u003e3.  Wide shot, Gordon Brown and Eddie George in front of news conference\u003cbr/\u003e4.  Mid shot, Gordon Brown and Eddie George\u003cbr/\u003eWashington DC, USA 30 October 1998\u003cbr/\u003e5. Clinton walks to podium\u003cbr/\u003e6. SOUNDBITE: (English) U-S President Bill Clinton\u003cbr/\u003e7. Cutaway press\u003cbr/\u003e8. SOUNDBITE: (English) U-S President Bill Clinton\u003cbr/\u003e9. Cutaway press\u003cbr/\u003e10.  SOUNDBITE: (English) U-S President Bill Clinton\u003cbr/\u003e11. Mid shot Robert Rubin presser\u003cbr/\u003e12. SOUNDBITE: Robert Rubin, U-S Treasury Secretary\u003cbr/\u003e13. 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