G20: Obama calls to pursue financial reform

US President Barack Obama has called for the G20 to pull together to promote economic growth, saying that world economies are “inextricably linked”.

As he departed for Canada on Friday, Obama told reporters on the White House South Lawn that he hoped to build on the progress of the two previous Group of 20 conclaves he has attended “by coordinating our efforts to promote economic growth, to pursue financial reform and to strengthen the global economy” in the wake of the financial crisis.

“This crisis proved, and events continue to affirm, that our national economies are inextricably linked,” Obama said. “And just as economic turmoil in one place can quickly spread to another, safeguards in each of our nations can help protect all nations.”

Saying he was “gratified” by progress toward enacting financial reform in the United States, Obama added that at this weekend’s G-20 summit, “I’ll work with other nations not only to coordinate our financial reform efforts, but to promote global economic growth while ensuring that each nation can pursue a path that is sustainable for its own public finances.”

The president was speaking just hours after US lawmakers agreed the biggest reform of financial regulation since the Great Depression.

Mr Obama has arrived in Canada to attend meetings of the G8 and G20.

At the meetings, world leaders will discuss how best to emerge from the global economic crisis.

Mr Obama said that the G20 had made progress in its last two meetings in responding to “the worst financial crisis of our time”.
Continue reading the main story Canadian flag Why we all want to be Canadian Canada row over $1bn bill G8/G20 summits security map

“This weekend in Toronto I hope we can build on this progress by co-ordinating our efforts to promote economic growth, to pursue financial reform, and to strengthen the global economy,” Mr Obama said.

Canadian Prime Minister Stephen Harper is due to welcome leaders from the G8 countries – France, Germany, Italy, Japan, Russia, the UK, the US and Canada – for talks at Deerhurst Lodge, Muskoka at 1645 BST.

On Saturday, in Toronto, the G20 will begin a two-day summit.