The declaration calls recovery so far from the global economic crisis uneven and fragile, with unemployment at unacceptable levels in many countries. It says unprecedented and globally coordinated fiscal and monetary stimulus is playing a major role in helping to restore private demand and lending.
Saying serious challenges remain, G20 leaders recognize the risks to recovery from fiscal adjustment across several major economies. But they add that failure to implement fiscal consolidation where it is needed could undermine confidence and hamper growth.
APUS President Barack Obama speaks during a closing press conference at the G20 summit in Toronto, 27 June 2010
President Barack Obama and other U.S. officials argued strongly at the summit against any early slowing of stimulus spending by governments, saying that it might bring about a second global recession.
In his concluding news conference, the president was asked about divisions on this issue. He said the declaration reflects policies that the United States has promoted and addresses a range of needs.
"In each country, what we have to recognize is that the recovery is still fragile, that we still have more work to do to make this recovery durable," he said. "But we also have to recognize that if markets are skittish and don't have confidence that we can tackle the tough problems of our medium- and long-term debt and deficits, then that also is going to undermine our recovery."
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2013-11-27
2013-11-27
2013-11-27
2013-11-27
2013-11-27
2013-11-27