Leaders of the world's biggest economies agreed on Sunday on a timetable for cutting their deficits and halting the growth of their public debt. Jon Decker reports.
Following a two-day summit in Toronto, Canada, leaders of the world's biggest economies agreed on Sunday on a timetable for cutting their deficits and halting the growth of their public debt.
"We agreed to balance the need for continued growth in the short-term and fiscal sustainability in the medium-term. In the United States, I've set a goal of cutting our deficit in half by 2013."
Other G20 countries, however, only agreed on the need for deficit reduction , but not the timing.
But one area in which there was consensus among the G20 - clamping down on risky bank behavior.
"Just as we are on the verge of passing financial reforms at home, our European partners have committed to the process we went through in the U.S.-a new level of transparency and stress tests for banks to rebuild confidence."
President Obama also said on Sunday he believes China is serious on its pledge of greater currency flexibility.
"A strong and durable recovery also requires countries not having an undue advantage. So we also discussed the need for currencies that are market-driven."
The President said given the enormous budget-surplus China has, he expects the yuan will appreciate significantly in the months ahead.
Jon Decker, Reuters.