Factbox: Developments in G8, G20 summits in Canada
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.
DEFICIT REDUCTION/STIMULUS TENSIONS
* 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...