Saturday, September 26, 2009

Obama: committed a big step, much remains to be done

Leaders of Group of 20 (G20) announced on Friday after a meeting in Pittsburgh that made great progress in joint efforts to prevent the financial collapse of global and stressed that has a lot to be done.

Addressing after the summit, where they met the presidents or prime ministers of most developed economies and major developing countries, U.S. President Barack Obama said that the agreement was reached to keep the program help to ensure the recovery of world economy.

"Financial markets have again revived and we prevent the crisis spread further to the developed world. However, we all know that there are still a lot to be done," said Obama, who was the host of the gathering in Pittsburgh.

Obama added that the coordinated action prevented the loss of millions of jobs and the world returned to the road of economic responsibility.

"Ideći forward we can no longer tolerate the economy bankruptcy that was characteristic of the past," Obama said at a news conference, adding that if it wants to achieve economic growth, more must not be lenient and wait for a crisis to cooperate.

G20 leaders agreed, and about the banks do not allow multi-year bonus system, because that way is risky business investments.

Instead, banks will have to adapt to the system and its link to long-term business decisions on investments. This will reduce the risk and global recession.

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