President Bush, in the coming weeks could set rolling a complete revamping of the global financial system by convening a world financial summit. He is one of the least multilateral presidents America has seen in almost a decade.
Camp David will see a few landmark summits organized by President Bush featuring some important European leaders. This situation suggests there is a significant understanding between them and reforms at a broader spectrum globally are required at this stage of acute financial crisis.
The current financial situation has seen the American presidency, which has always believed in a go-it-alone policy shifting focus and requesting for help from global leaders sensing the need for cooperation from the international community.
The series of summits is expected to start rolling sometime before Nov.4th, the D-day when US will elect its new president. The process is however expected to stretch into the following year which will feature the new administration in America according to Saturday’s statement by Bush, Nicolas Sarkozy the French President and Jose Manuel Barroso, the president of the European Union Commission.
Initially, the summit is expected to feature leaders from industrially developed nations across the globe and leaders from developing countries including Brazil, China, India and South Korea along the lines of an expanded Group of Eight meeting. This summit will analyze the current financial crisis affecting global markets and outline certain reform measures.
While it may take quite some time and many more summits to actually come out with a reform agreement, President Bush will have to his credit initialization of the process as he leaves office effectively facilitating a transition and continuity in the leadership of the country.