World leaders meeting in London April 2nd agreed to a coordinated effort to confront the global financial crisis and resulting economic downturn. President Obama arrived at the London G-20 Summit ready to listen and to lead, and contribute decisive action so that the U.S. and its international economic partners can work together to move the world economy toward recovery.
After weeks of preparatory meetings, representatives of the biggest developed and emerging economies and international organizations reemphasized their response to continuing economic turmoil, recognizing that countries may take different measures to reach the common objective of reviving growth, trade and job creation amid the worst recession in 70 years.
They pledged to make sure international lending institutions or bilateral financing mechanisms would be able to provide over $1 trillion in financing, if needed, to restore credit, growth and jobs in the world and to spur trade.
They also agreed on a new system of rules and oversight for banks, hedge funds and other financial institutions to rebuild trust in the global financial system. And they reaffirmed the commitment made at the Washington summit last year, to refrain from raising new barriers to investment or to trade in goods and services.
Much work needs to be done as the leaders return home and put the words into action, but the important strides made toward confronting the crisis and preventing similar ones in the future ensure that critical actions will be supported around the world.
President Barack Obama called it a turning point toward recovery and hailed the cooperation achieved at the two-day summit.
"In an age when our economies are linked more closely than ever before, the whole world has been touched by this devastating downturn," President Obama said. "And today, the world's leaders have responded with an unprecedented set of comprehensive and coordinated actions."