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Sarkozy, Obama pledge to tackle economic imbalances

Text by News Wires

Latest update : 2011-01-10

US President Barack Obama and French President Nicolas Sarkozy pledged to work in tandem to rectify imbalances in the global economy at talks in Washington on Monday. France now holds the rotating presidencies of both the G8 and the G20.

AP - President Barack Obama and French President Nicolas Sarkozy pledged to work together to address imbalances in the world economy as nations struggle to recover from the global financial crisis.

“Too many people are still out of work, too many businesses are still having problems getting financing, and there’s still too many imbalances in the world economy that are inhibiting the prospects of growth,” Obama said Monday, sitting alongside Sarkozy at the White House.
The French president had been expected to use his meeting with Obama to push for reforms that would keep the global monetary fund from relying so heavily on the U.S. dollar as the world’s main currency. But Sarkozy said Monday that he recognized, “how important the U.S. dollar is as the world’s number one currency.”
France currently holds the presidency of the Group of Eight industrialized economies and the larger Group of 20 leading rich and developing nations. In his turn at the helm of the G-20, Sarkozy is looking to reform the international monetary system, though he has not proposed specifics about how he envisions doing so.
Obama and Sarkozy’s meeting came as against the backdrop of violence against citizens from both of their countries: six people were killed, and Democratic Rep. Gabrielle Giffords was injured, in a shooting rampage Saturday in Arizona, and two French hostages were killed in a failed rescue attempt in Niger after a kidnapping blamed on al-Qaida.
Both leaders said the incident in Niger underscores the need to cooperate in combatting terrorism around the world.
“We have no choice but to go after these terrorists wherever they may be,” Sarkozy said.



Date created : 2011-01-10


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