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U.S. seeks to sustain shaky G20 unity

11 November 2010 10:35 (UTC +04:00)

Baku - APA-Economics. The United States sought to shore up support to tackle global economic problems as Group of 20 leaders met on Thursday, although the meeting of developed and emerging nations looked set to achieve little of substance, Reuters reported.

U.S. President Barack Obama voiced confidence that the leaders would agree on steps for more balanced and sustainable global growth, but officials said the most likely outcome was a "lowest common denominator" deal on broad economic cooperation.

Struggling to recapture the unity forged in the throes of the global economic crisis two years ago, the Group of 20 club of rich and emerging economies had hoped to use the summit to soothe tensions over foreign exchange rates generated by imbalances between cash-rich exporting nations and debt-burdened importers.

However, behind the scenes, negotiators squabbled over the language in a closing statement to be issued at the summit’s conclusion on Friday. The final version may not venture far beyond agreements reached by G20 finance ministers last month, yet it was still proving difficult to agree on the wording.

"The G20 has prevented the boat from sinking, we have picked up speed but not all engines are working on full power, the G20 must show that it is indeed the premier forum for global economic co-operation," European Commission President Jose Manuel Barroso said.