Social, economic stability inseparable: G8 'social summit'

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ROME, March 31 (AFP): The world economy cannot recover without concrete steps to assure social stability, Group of Eight labour ministers said yesterday as the OECD warned of deep recession in wealthy countries and worldwide hardship.
"Strong international coordination is vital to place employment and social protection at the centre of the global response effort," ILO Director General Juan Somavia said at a G8 "social summit" in Rome.
"We overvalued the market, undervalued the state and devalued the dignity of work, the protection of the environment and social solidarity in the community," he said at the meeting of G8 labour ministers and their counterparts from six emerging economies.
"The 14 countries represented here account for approximately half of the world's labour force. What is debated here can potentially set a trend of huge significance," Somavia said.
From Monday, the three-day meeting of the so-called "Group of 14" has included the labour and social ministers of emerging giants China, India and Brazil as well as Mexico, South Africa and Egypt.