President Barack Obama said that the government is acting "aggressively" to resolve the ongoing crisis and said that differences within the G20 have been "overstated".

Speaking at a news conference alongside UK Prime Minister Gordon Brown in London, England, on Wednesday, Obama said that there is a "mismatch" between global regulation and global markets. However, there has been an "enormous convergence" on market regulation, Obama said.

He also said that financial rules in the U.S. are currently inadequate. The U.S. has "some accounting to do," said the American president.

Furthermore, Obama said that, while there are different views among the G20 nations regarding "how stimulus should be shaped," they have been "vastly overstated." The differences in opinion on stimulus constitute "arguing at the margins," he added. The need to promote growth is being disputed by no one, Obama emphasized.

He added that there is a "complete concurrence" on the need to assist emerging markets among the G20, and that, while it's "appropriate" for each nation to use its own approach when handling the crisis, the G20 must focus on the "common ground" among member countries.

Obama also stressed the necessity to "balance" stimulus measures with the need to contain growing budget deficits.

While 2009 will be a difficult year, the economy will recover, Obama said. He also assured his audience that the financial crisis "will come to an end" and that governments have learned the lessons of past crises.

Written by CEP News European Staff
©CEP News Ltd. 2009