Obama Urges G-20 to Take Bold Economic Action

WASHINGTON (RPRN) 03/24/09-U.S. President Barack Obama is calling for world leaders to take “bold, comprehensive and coordinated action” to trigger economic recovery and avert future crises.

In an opinion article published in the International Herald Tribune, Mr. Obama says he hopes next month’s London meeting of the world’s 20 biggest economies will “galvanize collective action.” He calls for the Group of 20 to follow Washington’s lead by implementing further stimulus measures to promote growth.

Mr. Obama adds that world leaders should adopt a common framework to ensure transparency and accountability in the global financial system.

China’s Central Bank also is proposing changes to the financial system dominated by the U.S. dollar.

In an essay released late Monday, the central bank governor Zhou Xiaochuan calls for a new global currency reserve controlled by the International Monetary Fund.

He does not mention the U.S. dollar, but says the economic crisis shows the dangers of relying on one nation’s currency for international payments.

China is expected to push for developing nations to have a greater say in global finance at the G-20 meeting in London next month.

On Monday, IMF chief Dominique Strauss-Kahn warned that developing countries are facing a dramatic rise in unemployment that could trigger social unrest and even wars.

Some information for this report was provided by AFP, AP and Reuters.