TEXT-Group of 20 communique

WASHINGTON, Oct 11 (Reuters) - Following is a communique
released on Saturday by finance ministers and central bankers
from the Group of 20 emerging and advanced economies:
The G-20 Finance Ministers and Central Bank Governors held an
extraordinary meeting today chaired by Brazilian Finance
Minister Guido Mantega at the IMF Headquarters in Washington,
D.C.
In accordance with the G-20's core mission to promote open and
constructive exchanges between advanced and emerging-market
countries on key issues related to global economic stability
and growth, the Ministers and Governors discussed the present
financial market crisis and its implications for the world
economy. They stressed their resolve to work together to
overcome the financial turmoil and to deepen cooperation to
improve the regulation, supervision and the overall functioning
of the world's financial markets. They emphasized that the
global implications of the current crisis reinforced the need
for international cooperation as well as continued actions, in
countries where necessary, in key areas such as macroeconomic
policy, liquidity provision, strengthening financial
institutions and protecting retail depositors.
They committed to using all the economic and financial tools to
assure the stability and well functioning of financial markets.
They also committed to ensuring that 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
whole.
They endorsed the Communique of the International Monetary and
Financial Committee of the Board of Governors of the
International Monetary Fund issued today.
They will remain engaged and in close contact and look forward
to meeting again in Sao Paulo, Brazil, on 8 and 9 November,
when they will further examine these and other issues.
(Washington economics newsdesk, +1 202 898-8310)