Monday, November 29, 1999

Obama prods G20 on currency, financial reform - letter

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U.S. President Barack Obama urged G20 countries to accelerate financial reform and strengthen public finances in a letter released on Friday before the group's meeting in Toronto.In an apparent nod toward China, Obama also stressed the importance of market-determined exchange rates to global economic strength."The signals that flexible exchange rates send are necessary to support a strong and balanced global economy," he wrote in the letter released by the White House.Obama said the group's highest priority during its June 26-27 meeting should be to safeguard and strengthen global economic recovery."We must act together to strengthen the recovery. We need to commit to restore sustainable public finances in the medium term. And we should complete the work of financial repair and reform," he wrote.He said the United States wanted G20 negotiators to agree more stringent capital and liquidity requirements for financial institutions, stronger oversight of derivatives markets, and a framework for winding down large global firms and getting the financial sector to pay for the burdens it creates.(Reporting by Jeff Mason; Editing by Doina Chiacu)

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