(Reuters) – Following is a text of a letter from President Barack Obama to G20 leaders due to meet in Seoul from Thursday.
The letter was sent on Tuesday.
“As we approach the Seoul Summit, the world is looking to us to work together to strengthen the global economic recovery, continue to repair the financial system, and promote the stability of global markets.
“The United States will do its part to restore strong growth, reduce economic imbalances, and calm markets. A strong recovery that creates jobs, income and spending is the most important contribution the United States can make to the global recovery.
“The dollar’s strength ultimately rests on the fundamental strength of the U.S. economy. To secure the strong recovery the global economy needs, the United states joined with its G-20 partners to take decisive action to halt the fall in activity caused by the deepest crisis we have experienced in generations.
“The United States moved quickly to repair our financial system and to enact the strongest financial reforms since the 1930s.
“The United States is committed to an ambitious path of fiscal consolidation, consistent with our G-20 commitment to stabilize our public sector debt, as the recovery strengthens.
“We all now recognize that the foundation for a strong and durable recovery will not materialize if American households stop saving and go back to spending based on borrowing. Yet no one country can achieve our joint objective of a strong, sustainable, and balanced recovery on its own.
“Just as the United States much change, so to must those economies that have previously relied on exports to offset weaknesses in their own demand. A rebalancing of the sources of global demand, along with market determination of exchange rates that reverses significant undervaluation, are the best base for the shifts needed to bring about the vigorous and well-balanced recovery that we all want.
“When all nations do their part — emerging no less than advanced, surplus no less than deficit — we all benefit from higher growth.
“The action plan that our G-20 Finance Ministers and Central Bank Governors laid out in Gyeongju offers a new consensus on global economic cooperation. It sets out how unleashing domestic demand in surplus countries can support strong global growth as deficit countries increase savings and repair balance sheets damaged by the crisis.
To read more, visit: http://www.reuters.com/article/idUSTRE6A91SH20101110
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