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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US urges G20 to back economies throughout crisis AFP - Thursday, March 12 WASHINGTON (AFP) - - The United States said Wednesday it would call on the Group of 20 nations to support their economies throughout the global economic crisis and endorse an IMF proposal to measure their efforts. ADVERTISEMENT Ahead of a G20 finance chiefs meeting in Britain this weekend, Washington laid out its approach to countering the worst economic crisis since the Great Depression and making sure such a crisis does not happen again. President Barack Obama called for a two-pronged G20 effort to fix the global economy, using stimulus and regulatory reforms. "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 the United States and some European leaders over the direction of crisis efforts ahead of an April 2 summit of G20 developed and developing countries in London. The G20 meeting of finance chiefs and central bank governors on Saturday in Horsham, England, is to lay the groundwork for the London summit and coordinate efforts decided at an emergency G20 Washington summit in November. The White House has been pressing for more spending by G20 countries, after enacting a 787-billion-dollar stimulus last month, while some Europeans argue that spending measures already are under way and instead the focus should be on improved regulation to prevent too much risk-taking in the global financial system. After a meeting of eurozone finance ministers Monday, their chairman Jean-Claude Juncker of Luxembourg rejected the US calls for more pump-priming, saying they "do not suit us." But Geithner underscored the administration's drive for more stimulus spending to rescue the sinking global economy and the means to measure it. "It is important for G20 nations to commit to substantial and sustained actions for a period that matches the likely duration of the crisis," Geithner said in a subsequent statement. The Treasury secretary endorsed an International Monetary Fund proposal for countries to establish fiscal stimulus of 2.0 percent of gross domestic product for 2009 and 2010. Geithner called the proposal a "reasonable benchmark to guide each of our individual efforts." The US wants the G20 to ask the IMF "to report quarterly on countries' stimulus efforts scaled against the relative shortfall in growth rates," he said. Geithner said "the US will lead" in the ongoing reform of the supervisory and financial regulatory framework to make sure no such crisis reoccurs. "You're going to see from the United States very, very strong support for an ambitious set of reforms globally because ... everything we do domestically, the strength in our system is going to require complementary action by other countries," he told reporters. Geithner pledged that Washington would present the key elements of its regulatory reform program before the G20 April summit. On Tuesday, Federal Reserve chairman Ben Bernanke called on governments to forge a global strategy to regulate the financial system to tackle the crisis, in remarks that helped unleashed a powerful rally on battered Wall Street. Geithner also urged the G20 countries to take swift actions to help emerging market and developing economies weather the worst economic slump in decades. The G20 includes the Group of Seven industrialized countries -- Britain, Canada, France, Germany, Italy, Japan and the United States -- the European Union and leading emerging powerhouses such as China and Brazil. Geithner also said the US wants a "clear roadmap" toward increasing the voting shares and financial roles of the dynamic emerging market economies in the international financial institutions. "To this end, the United States favors accelerating the conclusion of the next IMF quota review to January 2011 and aligning the World Bank process with that of the IMF," he said, as well as resubmitting to Congress legislation to pave the way for the IMF to sell its gold assets. Obama said "it's very important to make sure that other countries are moving in the same direction, because the global economy is all tied together." "I am actually optimistic about the prospects -- everybody understands, we are in this together," said the Democratic president, who took office seven weeks ago. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo US President Barack Obama (R) speaks after receiving the economic daily briefing with US Treasury Secretary Timothy Geithner in the Oval Office of the White House in Washington, DC. The Group of 20 should support their economies throughout the "likely duration" of the global economic crisis, Geithner said Wednesday. Most Popular – Top Stories Viewed Chimp used planning skills to attack humans Citi outlook sparks explosive Wall Street rally World faces 'Great Recession': IMF chief German school gunman kills 15 Swiss bank UBS says earnings 'at risk' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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