Obama, Brown: G-20 must agree tough new rules for banks

British PM Gordon Brown and his wife, Sarah, welcome Barack Obama and wife Michelle to Downing St.
U.S. President Barack Obama and British Prime Minister Gordon Brown say the G-20 must agree tough new rules for the banking system to help lift the world out of recession.

Obama and Brown met for more than two hours in London Wednesday, the day before the G-20 summit begins. At a press conference afterwards the pair pushed for a united front to tackle the economic crisis. Obama thanked Brown for his leadership during the economic crisis, saying he had showed extraordinary energy setting the foundations for the G-20. He reiterated yet again that the “special relationship” between the countries continued to be strong. Obama said all of those attending the summit had to act with a “sense of urgency.” “The global economy is now so fundamentally connected that we can only do this together. “We are committed to doing whatever it takes, along with the United Kingdom, to stimulate growth and demand.” Obama said the world needed tough new rules for the financial sector to prevent a repeat of the current situation. Watch more on Obama, Brown comments » Brown lauded Obama’s beginning to his term in office, saying he had changed the U.S. and how the world viewed it. Brown said they needed to help those most impacted by the economic slump.

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He said during the Great Depression it took years for countries to react, but this time governments had moved in months. Watch more on Brown’s G-20 » “We must stand united in our determination to do whatever is necessary.” Brown said the G-20 had to agree a new regulatory system for the banking system. International cooperation was needed to support growth and protectionism had to be rejected, he said. Brown said he and Obama agreed green technology had to be embraced.

The summit brings together leaders and financial chiefs from the top 20 industrialized and emerging economies, along with leaders from non-G-20 nations. Top of the agenda is the current global financial crisis. Watch the security challenge that the summit poses » Metropolitan Police leaders have warned that the British capital faces an “unprecedented” wave of protests and are deploying thousands of officers on the streets to maintain public order.