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Crisis: Cooperation need of the hour, says Obama

By Lalit K Jha in Washington
March 14, 2009 13:11 IST
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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.

"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."

"Globally, the US must lead a levelling-up of regulatory standards, not as has happened all too often in the recent past, trying to win a race to the bottom," Summers said.

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 Obama and his team are 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 per cent 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 on the agenda of G-20 will be a continued discussion about how to update the financial regulatory framework.

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Lalit K Jha in Washington
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