Factbox: Developments in G8, G20 summits in Canada

Fri Jun 25, 2010 6:13pm EDT
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June 25 (Reuters) - Here are some developments as leaders of the Group of Eight advanced economies and Group of 20 advanced and emerging economies meet in Canada.


* President Barack Obama urged world leaders to follow Washington's lead on regulatory reform while other countries touted their swifter progress in tackling huge debt loads that threaten the global recovery.


* G8 leaders have agreed on the need to stay focused on immediate growth goals while tackling public finances "going forward," a senior U.S. official said.

* British Prime Minister David Cameron downplayed the divisions between the United States and Europe on the issue, but said smoothing out imbalances between export-rich countries and debt-laden consumer economies would also require belt-tightening by Washington.

* German Chancellor Angela Merkel said the United States during G8 discussions did not take an opposing view on Europe's deficit reduction policy.


* Merkel vowed to proceed with Europe's plan for a global bank tax to pay for bank failures, but said talks with other G8 leaders stiffened her impression that others did not share the European position.   Continued...