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White House: Regulatory reform top for G20
PITTSBURGH |
PITTSBURGH (Reuters) - White House spokesman Robert Gibbs said on Thursday financial regulatory reform is the most important agenda item for the Group of 20 summit but that addressing global economic imbalances is also a priority.
As U.S. President Barack Obama arrived in Pittsburgh for the G20 summit, Gibbs tried to soothe concerns by German Chancellor Angela Merkel that regulatory reform was taking a backseat to the U.S. drive to address imbalances.
"I don't think they are in any way mutually exclusive," Gibbs told reporters on the Air Force One flight from New York to Pittsburgh.
"Obviously the president is going to spend a lot of time over the fall working on financial regulatory reform."
Asked to describe the most vital item for G20 action, he said: "I think quite frankly it will be financial regulatory reform."
Gibbs also said it is crucial for world economies to coordinate on financial rules.
(Reporting by Caren Bohan; Editing by John O'Callaghan)
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