Quoted from http://uk.reuters.com/article/idUKTRE58K4E720090921:
U.S. to push for new economic world order at G20 | Reuters
The United States wants world leaders to agree this week to launch a major rethink of the world economy in November as they try to strengthen the global economy after its near meltdown.
Documents outlining the U.S. position ahead of the September 24-25 Pittsburgh summit of Group of 20 leaders said exporters, which include China, Germany and Japan, should consume more, while debtors like the United States must boost savings.
"The world will face anaemic growth if adjustments in one part of the global economy are not matched by offsetting adjustments in other parts of the global economy," said the document obtained by Reuters.
Obama, cutting through the coded diplomatic courtesies, made the case more bluntly for a change in business as usual.
"We can't go back to the era where the Chinese or Germans or other countries just are selling everything to us, we're taking out a bunch of credit card debt or home equity loans, but we're not selling anything to them," he said on Sunday.
The framework proposed by U.S. policy-makers foresaw "candid, even-handed and balanced analysis" of G20 members' economic policies by the International Monetary Fund to figure out if they were consistent with balanced growth.
"We call on our finance ministers to launch the new framework by November," the document said, signalling a determined effort to maintain the momentum for change created by last year's global
financial crisis.
Finance ministers and central bankers from the G20 countries are due to meet November 7-8 in Scotland. Continued... on Reuters
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