David Miliband

Foreign Secretary

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Thursday 09 October, 2008

Economic Stability Plan

I was in Brussels yesterday for talks in the European Parliament and European Commission.  Everyone is trying to come to terms with the financial crisis, and anticipate (and if possible mitigate) its impact on the wider economy. In that context the Stability Plan announced by the Prime Minister and Chancellor has drawn widespread admiration as the most systematic - and system wide - programme on the table.  Addressing the three interlinked problems of liquidity, solvency and confidence through three major initiatives the plan builds on the coordinated principles agreed by European finance ministers in Luxembourg on Tuesday.  As such it is a strong basis for complementary action by other European governments.

Posted at 11:36 09 October 2008 by David Miliband  |  Comments[8]

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Whatever our problems I'm sure there are people in Mogadishu who'd be glad to exchange with us. Please don't lose sight of the plight of Somalia and other desperately festering situations.

Posted by Owen on October 09, 2008 at 11:54 AM BST #

I tried to read that plan. However,being not particularly bright, I was not able to understand it...So what are the tax payers of Britain going to recieve in return for their massive investment in the British Banking system other than, perhaps, stability which Im sure probably most of them feel should never have been a question in the first place?

Posted by Steve Mc. on October 09, 2008 at 04:22 PM BST #

China's economic also face at adverse. Many small sized factory brokeup overnight. But I am sure the plight of global economic will be recoverd soon with the efforts of every country

Posted by Water on October 10, 2008 at 03:08 AM BST #

With a little hindsight, I would recommend that the world take a closer look at the South African National Credit Act. This act regulates the extension of credit to individuals to levels that the individual can service. We had an explosion in granting of mortgages, vehicle finance, credit cards and store accounts. We also had the BOOM in house prices to such a ridiculous extent that it is nigh impossible for young couples to buy a flat/house. Implemented just over 2 years ago this act tightened lending criteria and the most recent statistics June 08 showed that 80 -90 of applications are declined. I think our banks came off lightly from the recent events but the Rand took a pounding.

Posted by Heinrich on October 10, 2008 at 05:12 AM BST #

It's important for justice and for the recovery of the global economy that the still comparatively wealthy industrialised nations do not renege on their promises to the developing world. There should be no going back on commitments to debt relief or the UN target for aid, and above all WTO development round talks must be reinitiated as soon as possible.

Posted by Owen on October 11, 2008 at 12:50 PM BST #

Dear David Maliband, Foreign Secretary The recent financial meltdown presents a very good opportunity for UK Trade and Investment into India. Earlier the Indian companies looked towards USA for trade and FDI and portfolio Investment. In this connection ,I would like to compliment the British High Commissioner to India Sir Richard Stagg KCMG and his dedicated UK Trade and Investment team who have created an excellent environment to further increase Trade and Investment between UK and India. He has been successful in increasing the presence of UK in India both politically and economically. Regards V.Ramakrishnan

Posted by V.Ramakrishnan on October 13, 2008 at 08:34 AM BST #

Speaking cats of the European Union About cats telling and cats which in itself we walk had heard much in kind old fairy tales. Have passed year and is tolerant-sentimental Europe, silent western whales have tenderly nicknamed speaking cats. Right after a collapse of a financial system of the USA, lucid minds of EU have made decision immediately to separate bank operations from system New Word, that is, only after American congress all the same has decided to support Bush's idea younger, whales, wished to tell cats, western politics have let know that governments European crusiders dont insult the citizens before the got drunk bankers... http://eldanizjafarov.livejournal.com/2030.html

Posted by Eldaniz Jafarov on October 15, 2008 at 06:28 PM BST #

I'd like to say that western countries must use all their possibilities to persuade OPEC's countries NOT to diminsh oil production

Posted by vitalij on October 19, 2008 at 05:20 PM BST #

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