President Obama has urged European governments to spend more to get the economy going. But France and Germany have resisted, saying the focus must be on tighter financial market regulation. Regarding their differences, US President Barack Obama says they have been "vastly overstated". And the leaders of France and Germany struck a more conciliatory tone ahead of the G20 summit.
After meeting British Prime Minister Gordon Brown, US President Barack Obama stated he was in London to put forward his ideas but also to listen. He insisted on his faith in the global capital markets, prodding nations to spur growth and to work together on regulatory reform.
Barack Obama said "We have a responsibility to coordinate our actions and to focus on common ground, not on our occasional differences."
British Prime Minister Gordon Brown said they're confident a strong agreement will be reached.
Gordon Brown said "President Obama and I agreed about the significance of this week's G20 meeting - that the world is coming together to act in the face of unprecedented global financial times."
French President Nicolas Sarkozy and German Chancellor Angela Merkel are standing firm on the need for new financial market regulations. They even threatened to walk out of the summit to urge the US to agree with them.
Angela Merkel said "What is not on the agenda today, what we'll not agree on today is something that will not be done in the next decade to come. If we don't set a minimum standard we'll go home."
Nicolas Sarkozy said "It's Mr. Obama who speaks very well on what they are going to do with tax havens. I am sure that he will help us and that he will understand us. But it's today and tomorrow, Angela has said it herself - today and tomorrow - after that, it is too late."
Sarkozy said concrete steps must be taken now on tax havens, hedge funds and ratings agencies.
He said France and Germany had set all three as red lines in the negotiations.
(CCTV April 3, 2009)
