12 March,2009 06:43 AM IST | | AFP
US President Barack Obama today called for a two-pronged G20 effort to fix the global economy including both stimulus and regulatory reforms, aiming to heal a rift with Europe.
Obama said the Group of 20, whose finance ministers meet this week ahead of an April 2 summit, must act in both areas to help pull the world economy out of its worst slump in decades.
"We've got two goals in the G20," Obama said at a joint media appearance with Treasury Secretary Timothy Geithner. "The first is to make sure that there is concerted action around the globe to jump-start the economy.
The second goal is to make sure that we are moving forward on a regulatory reform agenda that ensures that we don't see these kinds of systemic risks and the potential for this kind of crisis again in the future."
The comments came amid a rift between US and European leaders over the G20, with Washington pressing for more spending plans and most European leaders urging increased global regulation to prevent too much risk-taking in the global financial system.
"This is going to be I think a critical meeting at a obviously critical time in the world's economy," the US president said.
