FROM THE OFFICE OF PUBLIC AFFAIRS

It is my pleasure to welcome the Finance Ministers of the Western Hemisphere to Washington this morning.  This meeting is important to me personally and to President Bush.  As he has said, we wish to see a hemisphere united in freedom, democracy and prosperity.

This marks an excellent occasion to discuss how we can best work together to raise living standards in the years ahead -- and put the challenging economic times of the past few years behind us.

As in the United States, many economies in our hemisphere have experienced difficulties in recent years.  I believe the U.S. economy has weathered storms, and by staying the course and following good policies, productivity is strong and economic growth has returned.  I believe that every country in our hemisphere, by following good policies, can create the conditions to weather storms, keep productivity strong, and raise economic growth to higher, sustainable levels.

To do this requires strong leadership.  This is what is necessary in times of crisis: recognizing the challenges, assuming the mantle of leadership, and rallying the public and the many interested parties to rise to those challenges. 

I see that same kind of leadership in many of the nations represented in this room.  Several of you have turned your economies around in the last decade, creating growth and prosperity and opportunity for your citizens.  I truly believe that with local, accountable leadership, everything is possible.  I have seen too much success to think otherwise.

We have seen such success in Chile and Mexico.  These nations are delivering growth with sound fiscal and monetary policies, investments in people, transparent government, respect for the rule of law and a courageous commitment to open markets.
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There are many other examples of progress in our hemisphere.  El Salvador, for example, has made significant economic progress since the end of its 12-year civil war in 1991.  Costa Rica made significant progress toward opening its trading system while social conditions, especially for health and education, continued to lead the region.  Nations such as Colombia are battling to end corruption and attacking lawlessness in order to give people the safety and economic stability they deserve.  And they understand that secure property rights give local and foreign investors alike the confidence to make long-term plans that create jobs and prosperity.  Uruguay is undertaking a substantial strengthening of its banking sector with the strong support of the international community.

Eight years ago, Brazil was suffering through hyperinflation.  With disciplined fiscal policy, financial sector consolidation, energy sector reform, and labor code modernization, Brazil’s leaders have helped produce real economic achievements.  Brazil’s commitment to sound economic policy was also a critical element in the U.S. government’s support for a $30 billion IMF loan to Brazil last month.

Every nation in our hemisphere has the potential to succeed.  Dedicated, accountable leaders must rule justly, invest in their people, and expand economic freedom.  In the right environment, their capable fellow citizens will drive prosperity from there.

These are all lessons in what leadership can accomplish.  Too often, only our economic troubles make the news.  We must also highlight our successes, and learn from them.  Let’s take the time to remind the world of our successes as well.