May 28, 1983
It's bad enough to have to interrupt a very lovely, festive evening by making a few formal
remarks, but it is even worse when I find that by coming up here I have had to shut off the music
of the New Orleans Preservation Jazz Hall Band that was flown up here from New Orleans for the
occasion -- a very historic group. But I would like to extend a very warm welcome to all of you
to this latest of our series of economic summit consultations begun so constructively 8 years ago
at Rambouillet.
I know that each of these meetings is the result of a great deal of preparation by everyone
involved. My thanks, and I'm sure that I speak for each of the delegation here, our thanks go to all
of you for having done such a fine job of laying the ground work for this occasion. We give the
Sherpas a needle every now and then about not overpreparing these sessions, but we do that just
to make sure that they don't take our jobs from us. [Laughter]
It's encouraging to note that in the year since we last met in this forum, the underlying economic
situation of the industrialized countries has improved markedly. Although many problems remain,
we have made steady efforts to restore conditions for growth in our national economies and
international recovery is now underway. Against this background, we can all look forward to a
most productive session.
Let me review some of the basic themes and directions for the summit here at Williamsburg.
Rather than concentrating on a single issue, this summit will take an integrated view of the
domestic and international aspects of the world economy. Broadly speaking, we are dedicated to
achieving noninflationary, sustained growth and continued improvements in the international
trading and financial system.
There are in our view several basic relationships in the world economy upon which we should
focus -- the relationship between growth and an open, international economy; between domestic
economic policies and exchange rate stability; between finance and trade; between enhanced
access to markets and long-term management of the international debt problem; between
investment, public and private, and economic growth in the developing world; and between
economic strength and security. These are all matters of deep concern to our group of
countries.
We look at the world economy against a background of many common interests and shared
values. These are invaluable ties which I'm sure this gathering at Williamsburg will serve to
strengthen and reinforce. And in this spirit I, like you, am looking forward to the discussions of
the next few days with enthusiasm and confidence.
And, again, I thank you, and we can get back to having some fine music. Thank you.
Note: The President spoke at 8:30 p.m. He hosted the reception and dinner for the heads and
members of the summit delegations. Following the reception, which was held on the terrace
overlooking colonial gardens on the banks of the James River, the President escorted his guests
into the mansion, where dinner was served in three different rooms to the heads of delegations,
the foreign ministers, and the finance ministers.
At the dinner, the President and the other heads of delegations discussed security issues. Prior to
the President's departure from Carter's Grove, he and Secretary of State George P. Shultz briefed
the foreign ministers on the discussions. The President then returned to Providence Hall.