Obama calls for bold and coordinated action at G20 summit

US President Barack Obama called for the world's leading countries to take «bold, comprehensive and coordinated action» to stem the global economic crisis when they meet at a G20 summit in London next week, Ria Novosti reports referring to Welt, according to Gazeta.ru.

«If the London Summit helps galvanize collective action, we can forge a secure recovery, and future crises can be averted,» Obama said.

«We are living through a time of global economic challenges that cannot be met by half measures or the isolated efforts of any nation,» he noted.

«Now, the leaders of the Group of 20 have a responsibility to take bold, comprehensive and coordinated action that not only jump-starts recovery, but also launches a new era of economic engagement to prevent a crisis like this from ever happening again.»

«Only coordinated international action can prevent the irresponsible risk-taking that caused this crisis. That is why I am committed to seizing this opportunity to advance comprehensive reforms of our regulatory and supervisory framework,» the US President said.

Obama called stronger capital and disclosure requirements, as well as a crackdown on offshore tax havens, another European priority.

«If we continue to let financial institutions around the world act recklessly and irresponsibly, we will remain trapped in a cycle of bubble and bust,» Obama called.

Obama noted the G20 meeting provides a forum for the leaders world's largest economies to work together to solve global problems.