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Brown and Obama in economy talks | |
(about 3 hours later) | |
Gordon Brown is holding his first meeting with new US President Barack Obama, with the world economy at the top of the agenda. | |
The UK prime minister said the downturn was a "global problem" which required "global solutions", including higher "standards" for trading and banking. | The UK prime minister said the downturn was a "global problem" which required "global solutions", including higher "standards" for trading and banking. |
The White House meeting was expected to last for about half an hour. | |
Mr Brown is the first European leader to visit Mr Obama since he became president in January. | |
He will also become the fifth British prime minister to address Congress when he does so on Wednesday. | He will also become the fifth British prime minister to address Congress when he does so on Wednesday. |
'Not good enough' | 'Not good enough' |
Asked earlier about the economy, Mr Brown told US National Public Radio: "This is a global problem. It needs global solutions. | |
"We need to show the world can come together, not only to have fiscal stimulus for the economy but also to set standards that, if people are not able to meet, we would have a mechanism by which we would say 'This is not good enough' and people would lose their status in the international community." | "We need to show the world can come together, not only to have fiscal stimulus for the economy but also to set standards that, if people are not able to meet, we would have a mechanism by which we would say 'This is not good enough' and people would lose their status in the international community." |
Mr Brown, who will host a summit of the Group of 20 (G20) developed and emerging economies in London on 2 April, said there was a "general understanding" of the need to be far better at dealing with cross-border supervision and flows of capital. | Mr Brown, who will host a summit of the Group of 20 (G20) developed and emerging economies in London on 2 April, said there was a "general understanding" of the need to be far better at dealing with cross-border supervision and flows of capital. |
Today's meeting cannot be the equivalent of the Camp David 'Colgate moment' at which Bush & Blair bonded Nick Robinson's blog | Today's meeting cannot be the equivalent of the Camp David 'Colgate moment' at which Bush & Blair bonded Nick Robinson's blog |
He added: "This is a banking crisis, so we've got to go to the roots of it and we've got to clean up the banking system. | He added: "This is a banking crisis, so we've got to go to the roots of it and we've got to clean up the banking system. |
"The level of international cooperation, what we can do together, will in one sense dictate how quickly we can come out of this downturn." | "The level of international cooperation, what we can do together, will in one sense dictate how quickly we can come out of this downturn." |
Downing Street dismissed suggestions that the visit had been downgraded by President Obama after it emerged there would not be a formal joint press conference. | Downing Street dismissed suggestions that the visit had been downgraded by President Obama after it emerged there would not be a formal joint press conference. |
Working lunch | |
A White House spokesman said there was a need to ensure "there's some financial rules of the road so that we don't find ourselves in the same position a few years down the line. | A White House spokesman said there was a need to ensure "there's some financial rules of the road so that we don't find ourselves in the same position a few years down the line. |
"And I think those are the topics that are likely to dominate both the meeting and the working lunch that they'll have." | "And I think those are the topics that are likely to dominate both the meeting and the working lunch that they'll have." |
The two leaders are also expected to discuss the situation in Afghanistan, Iraq and the Israeli-Palestinian conflict. | The two leaders are also expected to discuss the situation in Afghanistan, Iraq and the Israeli-Palestinian conflict. |
When you have a crisis like this people have a tendency to look first to their own constituents James Rubin, former assistant secretary of state | When you have a crisis like this people have a tendency to look first to their own constituents James Rubin, former assistant secretary of state |
Mr Brown's address to Congress is expected to compare the battle against the global recession to the fight against European fascism in the 1940s. | Mr Brown's address to Congress is expected to compare the battle against the global recession to the fight against European fascism in the 1940s. |
Former assistant secretary of state James Rubin said one of the current fears was protectionism. | Former assistant secretary of state James Rubin said one of the current fears was protectionism. |
He said: "Everyone who's an international economist is worried about this sort of thing. But everyone who's a politician knows that people are going to have to take care of their own in a time of crisis. | He said: "Everyone who's an international economist is worried about this sort of thing. But everyone who's a politician knows that people are going to have to take care of their own in a time of crisis. |
"That doesn't mean there isn't going to be plenty of trade and plenty of international economic cooperation. But when you have a crisis like this people have a tendency to look first to their own constituents." | "That doesn't mean there isn't going to be plenty of trade and plenty of international economic cooperation. But when you have a crisis like this people have a tendency to look first to their own constituents." |
The EU and Canada have warned that a "buy American" clause in the US economic recovery package could promote protectionism. | The EU and Canada have warned that a "buy American" clause in the US economic recovery package could promote protectionism. |
It seeks to ensure that only US iron, steel and manufactured goods are used in construction work funded by the bill - but has included a pledge to respect international trade obligations. | It seeks to ensure that only US iron, steel and manufactured goods are used in construction work funded by the bill - but has included a pledge to respect international trade obligations. |