Updated: 2009-07-09 07:46  Origin：China Daily

L'AQUILA, Italy: World leaders agreed that the global economy is too unstable to begin rolling back massive fiscal stimulus plans in the near future, according to a draft of the Group of Eight (G8) statement on the world economy.

The leaders, however, are committing to prepare exit strategies from the "unprecedented and concerted action" that has been taken. Germany, worried about running up cripping debt, has pressed for spending restraint, while other major economies like Britain, Japan and the United States can't rule out the need to pump in more money.

"We will take, individually and collectively, the necessary steps to return the global economy to a strong, stable and sustainable growth path," the draft communique said.

The measures include continuing their stimulus packages while keeping inflation under control, a particular German concern, while also ensuring that banks have enough cash to keep lending.

The leaders gathered yesterday in the quake-devastated central Italian city of L'Aquila, where they also wrestled over a potential landmark agreement on limiting the global rise in temperature. Over dinner later, they planned to turn their attention to world security issues from Teheran to Pyongyang.

Italian host, Premier Silvio Berlusconi, welcomed the leaders, many of whom arrived at the summit in electric cars bearing their nation's flag. President Barack Obama strolled into the summit site for the first G8 meeting of his presidency.

The leaders may fall short on reaching a commitment to keep the globe's average temperature rise under 2 C in a bid to contain global warming. The United States, Japan, Canada and Russia - half of the G8 - have previously refused to back it, and the White House declined yesterday to comment if it had signed off on a statement citing the temperature threshold.

US backing for the deal would mark an abrupt turnaround from the Bush administration's stand and be a strong gesture to developing nations.

China is among five developing market economies - along with Brazil, India, Mexico and South Africa - who are participating in the summit for the fifth straight year, joining from today to discuss bringing them on board, aid and development. Also joining are nine African nations and a forum on climate change.

The summit will also discussion ways to widen G8 even further amid growing sentiment that world's most-industrialized nations can no longer claim leadership on the global political and economic agenda.

Gifts from past, future

World leaders attending the G8 summit were each presented with a gift from the past and one for the future yesterday.

Handmade books portraying works by Neoclassical sculptor Antonio Canova, as well as gold coins representing an imaginary future world currency were given to the participants at the opening of the three-day summit.

There are 10 copies of the book, commissioned by Berlusconi from the Bologna-based art publishing house Fondazione Marilena Ferrari, each with a personalized dedication for the leader who receives it.

The 71-cm by 44.5-cm Canova books were crafted at no cost by 23 Italian craftsmen using traditional techniques, the publishing house said. Each weighs 24 kg.

The coins, made by Belgian Luc Luycx, who designed one side of the Euro coins, are called "eurodollars," in a symbolic call for a common currency to unite Europe and the United States.

They have a value of 2,800 euros ($3,900) and were produced by the United Future World Currency, a group pushing the idea of a global currency.

Movie star parkas

The world leaders will be able to don parkas designed by Belstaff, the maker of the movie star's jackets, if things get stormy.

Belstaff, which also kits out current film stars such as George Clooney and Brad Pitt, has produced a limited edition black parka for delegates at the summit.

And there's a "parka-chic" version for the first ladies.

"Every single jacket is made to measure," said Manuele Malenotti, whose Italy-based Clothing Co bought Belstaff in 2004. "Every single jacket is signed by Berlusconi."

The black mid-thigh jacket features an Italian flag and G8 logo on the right breast pocket. It is made of a light but strong cotton fabric which is water resistant and breathable.

Styling goes back to Belstaff's durable clothing traditions which have been used by adventurers such as T.E. Lawrence and Che Guevara.

"We were thinking of something related to safety and protection, given the summit is based in L'Aquila," Malenotti said. L'Aquila suffered a major earthquake in April.

AP - Reuters