Obama hails G20 summit as 'turning point'

US President Barack Obama hailed today’s G20 summit as “a turning point in our pursuit of global economic recovery” after leaders agreed a trillion-dollar boost to the world economy.

Mr Obama told reporters it had been a “very productive” session after a crackdown on tax havens and tougher global regulation of the financial sector was also backed.

“By any measure, the London summit was historic,” he told a post-summit press conference.

“It was historic because of the size and the scope of the challenge that we face and because of the timeliness and the magnitude of our response.”

Mr Obama said the summit had agreed “unprecedented set of comprehensive and co-ordinated actions”.

“We owe it to all of our citizens to act and act with a sense of urgency. In an age where our economies are linked more closely than ever before, the whole world has been touched by this devastating downturn,” he said.

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