Obama Plays Down Rift Over Economy on Eve of Summit
President Obama attempted to play down evidence of a continuing rift with allies over how to revive the global economy on Wednesday, only to be undercut by new demands from Germany and France for sweeping global financial regulations that could reach well inside American borders.
At the same time, Mr. Obama issued a caution that the United States was unlikely to return to its role as a “voracious consumer market” that could anchor the world economy, and warned that other nations needed to do more to revive growth in their home markets.
The signs of continued discord came on the eve of a summit meeting intended to show international solidarity to fight the downturn — and to provide Mr. Obama with his first major moment on the world stage. The president spent the day balancing messages of humility — he acknowledged that the financial crisis started in the United States — with efforts to convince his fellow leaders that they should follow his prescription of heavy financial stimulus and more rigorous regulation.
But despite calls for unity from Mr. Obama and the British prime minister, Gordon Brown — the host of the Group of 20 meeting that formally begins Thursday — the French and German leaders held a joint, and combative, news conference to underscore their differences with the Anglo-American approach to the crisis.
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