U.S. President Barack Obama says the just-completed G-20 summit will be a "turning point" in global economic recovery after agreeing to boost aid for poor nations and tighten financial regulation.
Mr. Obama said leaders of the world's largest wealthy and developing economies were able to overcome "honest disagreements" and reach agreements to boost economic growth, job creation, and lending to troubled nations.
British Prime Minister Gordon Brown said the leaders agreed Thursday in London to a $1.1 trillion increase for international lenders and efforts to bolster global trade. The leaders outlined a program to put stricter limits on hedge funds, executive pay, credit rating firms, and risk-taking by banks. They also agreed to take action against countries that provide tax havens for the wealthy and to set up an international watchdog group to warn of problems in the global financial system.
The G-20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States and the European Union.