Ahead of the summit meeting of the leaders of the 20 top big economies of the world, US President Barack Obama has outlined a cooperative framework for G-20 Summit in Seoul later this month, the White House said on Monday.
A top treasury official noted that the risk is increasingly clear that uncoordinated and unilateral actions could undermine the strong, sustained and balanced growth that we all need in the G-20.
Lael Brainard, the Under Secretary of Treasury for International Affairs, said: "That's why the President has outlined a cooperative framework for the Seoul summit building on the groundwork laid by finance ministers and central bank governors in Kyongju, reducing external imbalances, facilitating exchange-rate adjustment and establishing an assessment mechanism at the IMF."
Brainard said Obama remains intensely focused on promoting economic growth to create job opportunities for US workers and export opportunities for its small businesses, manufacturers, farmers and service providers.
"We will seek leaders' endorsement of the framework laid out by finance ministers on limiting excessive imbalances. At its core is a very important commitment that surplus countries no less than deficit countries will reduce external imbalances to sustainable levels," he said.
"This is critical to ensure that as the US and other deficit countries seek a more balanced growth path, other countries use all the tools at their disposal to boost domestic demand so there are multiple engines of growth, greater export opportunities and stronger job growth," Bernard said.
"For too long the American consumer was the engine of growth for the entire global economy. That pattern of growth, we have seen, was unsustainable. As we act here to address those imbalances by repairing our balance sheets, boosting our national saving and investing in US competitiveness to achieve the president's export goals, other nations that have relied excessively on exports must act to boost their domestic demand or we will all risk lower overall growth," he observed.
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