UPDATE 1-U.S., France working to sustain global recovery

(Updates with more details)

WASHINGTON, March 30 (BestGrowthStock) – U.S. President Barack
Obama said on Tuesday he and French President Nicolas Sarkozy
were focused on sustaining a global economic recovery and would
coordinate on financial reform to ensure a common approach.

“We agreed to continue working aggressively to sustain the
global economic recovery and create jobs for our people,” Obama
told a joint news conference with Sarkozy following a White
House meeting between the two leaders.

“This includes…replacing the old cycle of bubble and bust
with growth that is balanced and sustained. And this requires
effective coordination by all nations,” Obama said.

Pledging to reject trade protectionism, Obama also said he
hoped the long-stalled Doha round of world trade talks would
move forward in 2010.

Leaders from the Group of 20 advanced nations will hold a
summit in Canada in June. Obama, Sarkozy and other G20 leaders
earlier laid out a roadmap for measures they say are essential
to preventing a repeat of the 2008 global credit crisis.

Sarkozy said Washington and Paris will “be working hand in
glove in order to go even further in regulating world
capitalism and in particular raising the issue of a new world
international monetary order.” France chairs the G20 in 2011.

Financial reform is a vital part of this process and Obama
said he had brought his French guest up to speed with
developments in the United States, where a proposal has been
approved by the U.S. House of Representatives and will be taken
up soon by the Senate.

The White House hopes a bill will be ready for Obama to
sign by the end of May, and that it will strengthen consumer
protection, curb excessive financial risk-taking and protect
taxpayers from future bailouts by taxing big banks.

Obama stressed it was important for the changes here to
reflect reform measures taking shape in Europe.

“We want to make sure that whatever steps we’re taking,
they are occurring on both sides of the Atlantic,” he said.

Continental Europe has voiced concern in the past over the
unfettered free-market capitalism celebrated in the United
States before the 2008 financial crisis, and Sarkozy was
clearly happy to find Washington open to a different approach.

“It’s great news for the world to hear that the United
States is availing itself of rules, adopting rules so that we
not go back to what we have already experienced,” he said.

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(Reporting by Steve Holland and Alister Bull, Editing by
Editing by Cynthia Osterman)

UPDATE 1-U.S., France working to sustain global recovery