Treasury Secretary James A. Baker III said...

Treasury Secretary James A. Baker III said past efforts to coordinate international economic policies had created “a political mechanism” that helped major industrialized nations withstand the worst effects of last October’s global stock market collapse. “It would have been easy for each of us to turn inward and focus on short-term measures to address immediate domestic needs,” Baker told a gathering of international bankers in Chicago. Instead, he said, the nations “pulled together and intensified . . . efforts to find a compatible and reinforcing set of policies to achieve common goals.”