US Treasury secretary says protectionist policies won't contain spreading damage from crisis
The fallout in developing and poor nations from the economic
crisis is drawing attention from global finance ministers as the U.S. and
allies seek to present a united front and calm jittery investors, ap reported.
The crisis dominated discussions at the meeting of the Group of Seven industrialized nations and the annual
sessions of the IMF and World Bank.
The talks shifted Sunday to the World Bank and its policy-setting committee.
Speaking Sunday at the bank meeting, U.S. Treasury Secretary Henry Paulson warned that isolationism and
protectionism would not offer a way out of the crisis.
Paulson said the World Bank and IMF will have a vital role to play in working with governments to develop appropriate responses "and discourage inward looking policies."