The focal point was the “Framework for Strong, Sustainable and Balanced Growth,” which was a commitment to adopt domestic policies that would foster healthier global growth less prone to the booms and busts that marked the last decade.
The idea was that exporting powerhouses such as China and Germany would act to bolster domestic demand, while the borrow-and-spend countries such as the United States and Britain would embrace savings and investment.
(Reuters) – Following is a text of a letter from President Barack Obama to G20 leaders due to meet in Seoul from Thursday.
The letter was sent on Tuesday.
“As we approach the Seoul Summit, the world is looking to us to work together to strengthen the global economic recovery, continue to repair the financial system, and promote the stability of global markets.
“The United States will do its part to restore strong growth, reduce economic imbalances, and calm markets. A strong recovery that creates jobs, income and spending is the most important contribution the United States can make to the global recovery.