U.S. President Barack Obama has expressed his confidence in the capacity of the G20 London Summit to rescue the world economy. Meanwhile, he declined to reveal what compromises he had made during talks with other leaders in producing the joint statement on Thursday.
He told hundreds of journalists at the London Excel Centre that the summit was "very productive" and “historic”, given the scope and magnitude of the economic crisis which is engulfing the whole world.
Responding to a question as to what sacrifices he had made to achieve the summit results, Obama said he preferred not to reveal them.
The G20 leaders, whose countries produce 90 percent of the world’s GDP, agreed during the one-day summit to spend over 1 trillion dollars to bail out the world economy, a figure that is expected to soar to 5 trillion dollars by the end of 2010.
The stock markets have responded positively to the G20 results, though many financial experts said the positive market reaction was not due to the outcome of the summit. Even so, some said that it is hard to judge whether the upturn is a bubble or a sustained phenomenon.
The London G20 may have been up to some people’s expectations, but questions still remain as to how some of the initiatives might be implemented.
The summit has produced a blueprint for global economic recovery, but all leaders are surely aware that there is a long way to go to achieve the goals, nationally and internationally.
During their British tour, Obama and his wife Michelle displayed their great charisma. He comes across as being confident and has become arguably the world’s most popular politician, something that would make his countrymen extremely proud.
This admiration was reflected during his press conference, especially from the American journalist whom Obama gave the chance to ask the last question.
Copyright Dongying Wang
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