U.S. President Barack Obama said dollar strength rests on a sustained domestic recovery, and promised to work with world leaders to achieve balanced global economic growth and restore stability to financial markets.
In a Nov. 9 letter to leaders from the Group of 20 nations meeting in Seoul starting tomorrow, Obama pledged to boost U.S. exports and called on other countries “that have previously relied on exports to offset weaknesses in their own demand.”
“A strong recovery that creates jobs, income and spending is the most important contribution the United States can make to the global recovery,” Obama wrote. “The dollar’s strength ultimately rests on the fundamental strength of the U.S. economy.”
Obama said that during the two-day summit in Seoul, leaders should push ahead with talks on the stalled Doha Round of global trade discussions. He also said they should work towards solidifying new global financial regulatory standards and pledged to implement the new Basel agreement on bank capital standards on “the agreed timelines.”
“But now is no time to be complacent,” Obama said. “The market will not wait for us to finish. They will test us every day. We need to press on and complete our reform agenda, with new steps to ensure no financial institution is too big to fail.”
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