So let me say this as clearly as I can: America is changing, but it cannot be America alone that changes. We are confronting the greatest economic crisis since World War II. The only way to confront this unprecedented crisis is through unprecedented coordination.
Over the last few days, I believe that we have begun that effort. The G20 summit in London was a success of nations coming together, working out their differences, and moving boldly forward. All of us are moving aggressively to restore growth and lending. All of us have agreed to the most substantial overhaul of our international financial system in a generation. No one is exempt. No more will the world’s financial players be able to make risky bets at the expense of ordinary people. Those days are over. We are ushering a new era of responsibility, and that is something we should all be proud of. (Applause.)
As we take these steps, we also affirm that we must not erect new barriers to commerce; that trade wars have no victors. We can’t give up on open markets, even as we work to ensure that trade is both free and fair. We cannot forget how many millions that trade has lifted out of poverty and into the middle class. We can’t forget that part of the freedom that our nations stood for throughout the Cold War was the opportunity that comes from free enterprise and individual liberty.
I know it can be tempting to turn inward, and I understand how many people and nations have been left behind by the global economy. And that’s why the United States is leading an effort to reach out to people around the world who are suffering, to provide them immediate assistance and to extend support for food security that will help them lift themselves out of poverty.
All of us must join together in this effort, not just because it is right, but because by providing assistance to those countries most in need, we will provide new markets, we will drive the growth of the future that lifts all of us up. So it’s not just charity; it’s a matter of understanding that our fates are tied together — not just the fate of Europe and America, but the fate of the entire world.
And as we restore our common prosperity, we must stand up for our common security. As we meet here today, NATO has still embarked on its first mission overseas in Afghanistan, and my administration has just completed a review of our policy in that region.
Now, I understand that this war has been long. Our allies have already contributed greatly to this endeavor. You’ve sent your sons and daughters to fight alongside ours, and we honor and respect their service and sacrifice.