Protectionism was also limited because leaders of the major economies got out ahead of the problem. In November 2008, despite not yet knowing the full severity of the economic crisis, the George W. Bush administration brought together leaders of 20 industrialized and major emerging economies in a new G-20, where the attendees made an important pledge: “We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports.”