US, EU differ on spending

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Source: CCTV.com | 04-02-2009 18:52

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.

President Obama has urged European governments to spend more to get the economy going.

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."