 the President of the Commission of European Communities, the Prime Minister of Italy, the Prime Minister of Japan, the Chancellor of the Federal Republic of Germany, the Prime Minister of Canada, the President of the Republic of France, the President of the United States of America. It is my duty and pleasure to read the Williamsburg Declaration on Economic Recovery. Our nations are united in their dedication to democracy, individual freedom, creativity, moral purpose, human dignity, and personal and cultural development. It is to preserve, sustain, and extend these shared values that our prosperity is important. The recession has put our societies through a severe test, but they have proven resilient. Significant success has been achieved in reducing inflation and interest rates. There have been improvements in productivity, and we now clearly can see signs of recovery. Nevertheless, the industrialized democracies continue to face the challenge of ensuring that the recovery materializes and endures in order to reverse a decade of cumulative inflation and reduce unemployment. We must all focus on achieving and maintaining low inflation and reducing interest rates from their present to high levels. We renew our commitment to reduce structural budget deficits, in particular by limiting the growth of expenditures. We recognize that we must act together and that we must pursue a balanced set of policies that take into account and exploit relationships between growth, trade, and finance in order that recovery may spread to all countries developed and developing alike. In pursuance of these objectives, we have agreed as follows. One, our governments will pursue appropriate monetary and budgetary policies that will be conducive to low inflation, reduced interest rates, higher productive investment, and greater employment opportunities, particularly for the young. Two, the consultation process initiated at Versailles will be enhanced to promote convergence of economic performance in our economies and greater stability of exchange rates on the lines indicated in an annex to this declaration. We agree to pursue closer consultations on policies affecting exchange markets and on market conditions. While retaining our freedom to operate independently, we are willing to undertake coordinated intervention in exchange markets in instances where it is agreed that such intervention would be helpful. We commit ourselves to halt protectionism and, as recovery proceeds, to reverse it by dismantling trade barriers. We intend to consult with inappropriate existing fora on ways to implement and monitor the future of our economy. We will actively pursue the current work programs in the General Agreement on Tariffs and Trade, which is known as GATT, an organization for economic cooperation and development, including trade in services and in high-technology products. We will actively pursue the current work programs in the General Agreement on Tariffs and Trade, which is known as GATT, an organization for economic cooperation and development, in services and in high-technology products. We should work to achieve further trade liberalization negotiations in the GATT with particular emphasis on expanding trade with and among developing countries. We have agreed to continue consultations on proposals for a new negotiating round in the GATT. For, we view with concern the international financial situation, and especially the debt burdens of many developing nations. We agree to a strategy based on effective adjustment and development policies by debtor nations, adequate private and official financing, more open markets, and worldwide economic recovery. We will seek ratification of the increases in resources for the International Monetary Fund and the general arrangements to borrow. We encourage closer cooperation and timely sharing of information among countries and the international institutions in particular between the International Monetary Fund, IMF, the International Bank for Reconstruction and Development, and as IBRD, and the GATT. Five, we have invited ministers of finance in consultation with the managing director of the IMF to define the conditions for improving the international monetary system and to consider the part which might in due course be played in this process by a high-level international monetary conference. Six, the weight of the recession has fallen very heavily on developing countries, and we are deeply concerned about their recovery. Restoring sound economic growth while keeping our markets open is crucial. Special attention will be given to the flow of resources, in particular official development assistance to poorer countries and for food and energy production, both bilaterally and through appropriate international institutions. We reaffirm our commitments to provide agreed funding levels for the International Development Agency. We welcome the openness to dialogue which the developing countries evinced at the recent conferences of the non-aligned movement in New Delhi and the Group of 77 in Buenos Aires. And we share their commitment to engage with understanding and cooperation in the forthcoming meeting of the United Nations Conference on Trade and Development in Belgrade. Seven, we are agreed upon the need to encourage both the development of advanced technology and the public acceptance of its role in promoting growth, employment, and trade. We have noted with approval the report of the Working Group on Technology, Growth and Employment, which has set up at Versailles last year and commend the progress made in the 18 cooperative projects discussed in that report. We will follow the implementation and coordination of work on these projects and look forward to receiving a further report at our next meeting. Eight, we all share the view that more predictability and less volatility in oil prices would be helpful to world economic prospects. We agree that the fall in oil prices in no way diminishes the importance and urgency of efforts to conserve energy, to develop economic alternative energy sources, to maintain and where possible improve contacts between oil exporting and importing countries, and to encourage the growth of indigenous energy production in developing countries which at present lack it. East-West economic relations should be compatible with our security interests. We take note with approval of the work of the multilateral organizations which have in recent months analyzed and drawn conclusions regarding the key aspects of East-West economic relations. We encourage continuing work by these organizations as appropriate. Ten, we have agreed to strengthen cooperation in protection of the environment in better use of natural resources and in health research. Our discussions here at Williamsburg give us new confidence in the prospects for a recovery. We have strengthened our resolve to live with continuing problems so as to promote a sound and sustainable recovery, bringing new jobs and a better life for the people of our own countries and of the world. We have agreed to meet again next year and have accepted the British Prime Minister's invitation to meet in the United Kingdom. It has been inspiring to meet with the leaders of the seven major industrial nations in this beautifully restored village of the past. Here we have tried to shape the positive and common approach to our economic future. These democracies feel special responses for or responsible for the world economy and for the democratic values we all share. And so we came together determined to do something about some of the world's toughest problems. Our meeting has shown a spirit of confidence, optimism, and certainty. Confidence that recovery is underway, optimism that it will be durable, and certainty that economic policy and security ties among us will be strengthened in the future. The United States has been privileged to host this meeting from which a message of hope can be sent to the people of the world and to future generations. Together, the summit partners are facing today's enormous challenges head-on and not settling for quick fixes. We are the guardians of fundamental democratic values, the values that have always united us. We will only be satisfied when we have restored durable economic growth that offers our people an opportunity for the better future that they deserve. The meeting will conclude with tonight's dinner, and may I just add a heartfelt thank you to the wonderful people of Williamsburg who have been so warm in their greeting to us, so gracious and so kind, and that have made this, in addition to a hardworking session, a distinct pleasure, and I think I speak for all of us in saying this. Thank you all.