US President Barack Obama has said there is need to coordinate with other countries on the economic crisis to ensure a simultaneous match of the efforts being undertaken by America in this regard.
US President Barack Obama has said there is need to coordinate with other countries on the economic crisis to ensure a simultaneous match of the efforts being undertaken by America in this regard.
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"We've got to do some coordination with other countries in order to assure that what we do here in the United States corresponds with strong efforts overseas," Obama said in his remarks after meeting Paul Volcker, chairman of his Economic Recovery Advisory Board.
Obama has been talking with the world leaders in the past few weeks in this regard, and this would be his agenda at the upcoming G-20 summit at London next month, which among others would also be attended by the Indian Prime Minister Manmohan Singh.
Later the White House spokesman Robert Gibbs said: "The President and the economic team believe that it's important that we monitor what will and has been done by different countries in order to make up for the projected downturn in GDP and how that affects the global economy."
However, he said that Obama and his team were not going to Europe "looking for everyone to sign on the dotted line and accept a certain percentage, but to evaluate continually what is suggested, what is being done, and to ensure that as our economies change, that we're continuing to evaluate whether additional steps - if the two percent in some countries haven't been made, can be looked at."
The US President looks forward to working with countries in the G-20 to ensure that they are making progress and continually evaluating what has to happen to address the economic challenges.
Gibbs said that on the agenda of G-20 there will be a continued discussion on how to update the financial regulatory framework.
"Underneath that there are obviously a number of different steps that can and must be taken in order to ensure that that framework provides all of us in this economy with the confidence and the protection that decisions are being watched and made in a way that are consistent with our values, and that we don't find our economy suffering from the types of problems that it does now," Gibbs said.
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