Obama: G20 Summit a Turning Point for the Global Economy

Speaking at the conclusion of the G20 summit where leaders of the biggest developed and emerging economies agreed on measures to coordinate financial market regulation, including expanded control on hedge funds and derivatives trading, Pres. Obama said the Group of 20 summit in London will be a “turning point” for the global economy and will put it on the path to recovery.

“By any measure the summit was historic,” Obama said at a news conference in London. “I have no doubt, though, that the steps that have been taken are critical to preventing us sliding into a depression.”

The summit ended as there were signs the world economy is stabilizing after months of sliding. [via Bloomberg]

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