Obama backs G-20 (a boost for Kevin Rudd)

[depakid]

PRESIDENT Barack Obama has given an unqualified thumbs-up to the Group of 20 finance ministers as the best forum for international discussions of the global economy and regulation, a move that will hearten the Prime Minister, Kevin Rudd, who has lobbied for the expanded grouping.

In a speech on Wall Street to mark one year after the collapse of Lehman Brothers, Mr Obama focused on the task facing the US to regulate its financial industry - a subject that met with a cool reception from his audience.

He also touched on global issues. He said the G20 had proven to be ''an effective forum for co-ordinating policies among key developed and emerging economies'' and that he saw it taking on an important role in the future.

The Obama endorsement is promising as other US officials, such as the president of the World Bank, Robert Zoellick, have at times backed a smaller grouping such as a G14 or an expanded G8 - meetings that would exclude Australia.

Mr Obama will host the G20 in Pittsburgh next week where it will consider ways to strengthen the global financial system, although the US is likely to resist the creation of a new international body to regulate markets and instead urge countries to move in harmony.

''As the United States is aggressively reforming our regulatory system, we will be working to ensure that the rest of the world does the same,'' he said. But the US is not expected to support global moves to limit executive pay, as some European nations have urged.

Mr Obama may also come under pressure over the slow pace of reform of the US regulatory system, which requires Congress to pass extensive legislation. On Monday he warned Wall Street that it had to modify its behaviour and not to try and derail the proposals on Capitol Hill.

More: http://www.smh.com.au/world/bonus-for-rudd-as-obama-backs-g20-20090915-fpqo.html

[Hutzpa]

1. Resident?????????

:wtf:

[depakid]

2. Oopps. Copy & paste error

Obviously....

[Cha]

3. Excellent, because we want Kevin

Rudd in the there too..the more Go Green adovcates the better:bounce:

[depakid]

4. Rudd & Obama get on well- and Rudd government's been the most successful

in dealing with the economic meltdown and enacting responsible reforms.

Taking on the Wall Street interests (if not health care)- it would serve the administration well hold up as an example the one western nation that managed to avoid recession altogether- which had no bank failures at all and is still game on limiting CEO salaries.