The G-20 Summit in Toronto concluded on June 27, 2010. As the summit came to a close, President Obama participated in a press conference, during which he said:
"The G-20 is now the premier forum for international economic cooperation. We represent East and West, North and South, advanced economies and those still emerging. Our challenges are as diverse as our nations. But together we represent some 85 percent of the global economy, and we have forged a coordinated response to the worst global economic crisis in our time.
"In London last year, we took unprecedented action to prevent an even larger economic catastrophe, to put our economies on the path to recovery and to begin reforming our financial system so that a crisis like the one we were emerging from never happened again. In Pittsburgh we went further --- moving beyond the old economic cycles of boom and bust by committing our nations to a new framework for growth that's balanced and sustained, as well as specific financial reforms.
"Our bold action has succeeded. In the United States, we are committed, above all, to leading by example, and because of the steps that we've taken to get our economy moving, we are growing again, and this growth is beginning to translate into job creation. And we're now poised to pass the toughest financial reform since the aftermath of the Great Depression.
"Globally, economic contraction has given way to economic growth. Trade that had plummeted is rebounding. Emerging economies in particular are seeing impressive growth. So we have pulled ourselves back from the brink, and begun to move forward with economic recovery. But as we all know, that's not good enough. In the United States and around the world, too many people are still out of work. In too many economies, demand for goods and services is still too weak. As we've been reminded in recent months, a financial crisis in one country can have consequences far beyond its borders. And history teaches us that growth and prosperity is never guaranteed. It requires constant effort and it requires continued leadership.
"So we came to Toronto with three specific goals: to make sure the global recovery is strong and durable; to continue reforming the financial system; and to address the range of global issues that affect our prosperity and security. And we made progress in each of these areas."
Read the President's remarks and more about the G-20 on the White House Blog.
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