Sarkozy: World Growth Must Come First

French, American presidents meet at White House

(NEWSER) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that the US dollar should be used less often as an international reserve currency—Sarkozy acknowledged that the dollar has a "key role." More»

EU policy blunders likely to result in longer slowdown for rest of world

(NEWSER) - The European economy will sink deepest out of all global economies, bounce back slowest—and delay recovery for the rest of the world to boot, according to the IMF's latest forecast. The agency predicts the EU's economy—at $18 trillion, nearly a third of the world's total—will shrink 4% this year and contribute to a longer slowdown in the US and Asia, reports the Wall Street Journal. More»

'Action-man president' looks powerless on crisis

(NEWSER) - Nicolas Sarkozy should be well positioned to gain political capital from the global recession, having warned against capitalist excess years before the crisis quashed pro- deregulation argument. But the French president’s approval rating keeps dropping, the Economist reports. It fell another 2% in April, to 36%. As the crisis grinds on, more and more French feel the effects—and feel their president can do little to help. More»

(NEWSER) - Unlike most economic summits, the G20 talks have delivered more than just a promise to talk some more in the future, Steven Pearlstein writes in the Washington Post. The meeting may not have been the turning point declared by President Obama, but the market-boosting measures agreed upon represent a more substantial result than many had expected. More»

(NEWSER) - President Obama touted the resolutions of the G20 summit today in London, saying swift and muscular action was needed to reverse the global economic downturn, the AP reports. Steps like the injection of funds into the IMF and the creation of a global regulatory body “were necessary,” he told a packed press conference. “Whether they were sufficient, we’ve got to wait and see.” More»