March 30, 2010U.S., France working to sustain global recovery
WASHINGTON - U.S. President Barack Obama said on Tuesday he and French President Nicolas Sarkozy were focused on sustaining a global economic recovery and would coordinate on financial reform to ensure a common approach.
"We agreed to continue working aggressively to sustain the global economic recovery and create jobs for our people," Obama told a joint news conference with Sarkozy following a White House meeting between the two leaders.
"This includes...replacing the old cycle of bubble and bust with growth that is balanced and sustained. And this requires effective coordination by all nations," Obama said.
Pledging to reject trade protectionism, Obama also said he hoped the long-stalled Doha round of world trade talks would move forward in 2010.
Leaders from the Group of 20 advanced nations will hold a summit in Canada in June. Obama, Sarkozy and other G20 leaders earlier laid out a roadmap for measures they say are essential to preventing a repeat of the 2008 global credit crisis. ~ link June 26-27-2010 -The G20 Meets in Toronto, Canada also check out the G20's Pittsburgh Summit held last Sept. 24-24-2009 link ~ http://www.pittsburghsummit.gov/
Sarkozy said Washington and Paris will "be working hand in glove in order to go even further in regulating world capitalism and in particular raising the issue of a new world international monetary order." France chairs the G20 in 2011.
Financial reform is a vital part of this process and Obama said he had brought his French guest up to speed with developments in the United States, where a proposal has been approved by the U.S. House of Representatives and will be taken up soon by the Senate.
The White House hopes a bill will be ready for Obama to sign by the end of May, and that it will strengthen consumer protection, curb excessive financial risk-taking and protect taxpayers from future bailouts by taxing big banks.
Obama stressed it was important for the changes here to reflect reform measures taking shape in Europe.
"We want to make sure that whatever steps we're taking, they are occurring on both sides of the Atlantic," he said.
Continental Europe has voiced concern in the past over the unfettered free-market capitalism celebrated in the United States before the 2008 financial crisis, and Sarkozy was clearly happy to find Washington open to a different approach.
"It's great news for the world to hear that the United States is availing itself of rules, adopting rules so that we not go back to what we have already experienced," he said.
WASHINGTON - U.S. President Barack Obama said on Tuesday he and French President Nicolas Sarkozy were focused on sustaining a global economic recovery and would coordinate on financial reform to ensure a common approach.
"We agreed to continue working aggressively to sustain the global economic recovery and create jobs for our people," Obama told a joint news conference with Sarkozy following a White House meeting between the two leaders.
"This includes...replacing the old cycle of bubble and bust with growth that is balanced and sustained. And this requires effective coordination by all nations," Obama said.
Pledging to reject trade protectionism, Obama also said he hoped the long-stalled Doha round of world trade talks would move forward in 2010.
Leaders from the Group of 20 advanced nations will hold a summit in Canada in June. Obama, Sarkozy and other G20 leaders earlier laid out a roadmap for measures they say are essential to preventing a repeat of the 2008 global credit crisis. ~ link June 26-27-2010 -The G20 Meets in Toronto, Canada also check out the G20's Pittsburgh Summit held last Sept. 24-24-2009 link ~ http://www.pittsburghsummit.gov/
Sarkozy said Washington and Paris will "be working hand in glove in order to go even further in regulating world capitalism and in particular raising the issue of a new world international monetary order." France chairs the G20 in 2011.
Financial reform is a vital part of this process and Obama said he had brought his French guest up to speed with developments in the United States, where a proposal has been approved by the U.S. House of Representatives and will be taken up soon by the Senate.
The White House hopes a bill will be ready for Obama to sign by the end of May, and that it will strengthen consumer protection, curb excessive financial risk-taking and protect taxpayers from future bailouts by taxing big banks.
Obama stressed it was important for the changes here to reflect reform measures taking shape in Europe.
"We want to make sure that whatever steps we're taking, they are occurring on both sides of the Atlantic," he said.
Continental Europe has voiced concern in the past over the unfettered free-market capitalism celebrated in the United States before the 2008 financial crisis, and Sarkozy was clearly happy to find Washington open to a different approach.
"It's great news for the world to hear that the United States is availing itself of rules, adopting rules so that we not go back to what we have already experienced," he said.
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