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Need to work with other countries on economic crisis: Obama

Need to work with other countries on economic crisis: Obama
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First Published: Sat, Mar 14 2009. 11 40 AM IST
Updated: Sat, Mar 14 2009. 11 40 AM IST
Washington: US President Barack Obama said there is a need to coordinate with other countries on the economic crisis so that there is match of the efforts being undertaken by the US in this regard.
“We’ve got to do some coordination with other countries in order to assure that what we do here in the United States corresponds with strong efforts overseas,” Obama said in his remarks after meeting Paul Volcker, chairman of his Economic Recovery Advisory Board.
Obama has been talking with the world leaders in the past few weeks in this regard, and this would be his agenda at the upcoming G-20 summit at London next month, which among others would also be attended by India Prime Minister Manmohan Singh.
Lawrence H Summers, Obama’s top economic adviser, said the President will be working on the global growth strategy at the G-20. “Priorities will include spurring demand around the world and assuring the adequacy of funding for emerging markets,” Summers, the director of the National Economic Council, said in his speech at the Brookings Institute.
“These are issues both for global recovery - at a time when 2009 is likely to be the first year of negative global growth since the Second World War - and for a healthy, less debt-dependent US expansion,” he said.
”Globally, the US must lead a levelling-up of regulatory standards, not as has happened all too often in the recent past, trying to win a race to the bottom,“ Summers said.
Later the White House spokesman, Robert Gibbs said: “The President and the economic team believe that it’s important that we monitor what will and has been done by different countries in order to make up for the projected downturn in GDP and how that affects the global economy.”
However, he said Obama and his team are not going to Europe “looking for everyone to sign on the dotted line and accept a certain percentage, but to evaluate continually what is suggested, what is being done, and to ensure that as our economies change, that we’re continuing to evaluate whether additional steps - if the 2% in some countries haven’t been made, can be looked at.”
The US President looks forward to working with countries in the G-20 to ensure that they are making progress and continually evaluating what has to happen to address the economic challenges.
Gibbs said on the agenda of G-20 will be a continued discussion about how to update the financial regulatory framework.
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First Published: Sat, Mar 14 2009. 11 40 AM IST