Obama calls on G-20 to stimulate growth, denies split among members

LONDON, April 1 Kyodo -
U.S. President Barack Obama called Wednesday on all Group of 20 economies to do
everything they can to stimulate their economies amid signs of disagreement
between participating countries.
Speaking in London ahead of the G-20 summit, Obama said it could not just be
the United States alone acting as the engine for economic recovery and that
''everyone is going to have to pick up the pace.''
His remarks may be taken by commentators as a criticism of some European
countries -- notably Germany -- which have been wary of producing large
economic stimulus packages to aid the recovery.
Media reports suggest that Germany and France are reluctant to commit at the
summit to greater commitments on stimulus packages and want instead to focus on
financial regulation.
However, Obama rejected the notion that there is a split among the members of
the G-20, which is made up of the world's 20 leading industrialized and
emerging economies.
Standing alongside British Prime Minister Gordon Brown, Obama said, ''I have
come here to put forward ideas, but I have also come here to listen and not
lecture. We have a responsibility to coordinate our actions and focus on common
ground and not on our occasional differences.''
''We have a responsibility to act with a sense of urgency. Every nation has
been affected by this crisis,'' he said.
The U.S. president said all members of the G-20 have unveiled stimulus packages
and are agreed on the need for greater regulation of financial products.
But he added, ''Our goal is to make certain that each country, taking into
account its different economic circumstances and political culture, is doing
what's necessary to promote economic growth.
''The United States will do its share, but in some ways the world has become
accustomed to the United States being a voracious engine for driving growth.''
Obama said that now the United States has to look at tackling its deficits and
low savings rates and the responsibility for recovery should just not rest with
his country, adding that everyone has to be involved.
He said greater regulation of financial products will be a focus of the summit,
concentrating not just on the legal or functional nature of assets, but the
level of risk involved in the purchase.
Brown said he is confident that a deal can be agreed upon at the summit which
will lead to better financial supervision, economic growth and rejection of
protectionism. There will also be a commitment to help emerging economies
through the economic downturn and a pledge to assist low-carbon technologies.
He said the G-20's fiscal stimulus package already amounted to $2 trillion and
the group will agree to $100 billion in trade finance.
Brown said the G-20 ''must stand united to do whatever is necessary'' adding
that ''global solutions'' were needed for what is a ''global crisis.'' But he
warned that ''tough negotiations lie head'' and that it ''would not be easy.''
The London summit is a follow-up to a meeting last year in Washington and is
designed to come up with a coordinated plan to assist the world's ailing
economy.
Commentators are divided on whether the summit will be able to come up with a
credible plan. Britain, the United States and Japan favor large stimulus
packages whereas Germany and France are more cautious and would like to see
bolder regulations on the financial markets.
==Kyodo