G20 Summit: Obama's moment and wrap-up

April 2, 4:57 PMForeign Policy ExaminerAimee Kligman

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 U.S President Barack Obama speaks at the end of the G20 Summit at the Excel centre, in London Thursday, April 2, 2009. (AP Photo/Richard Lewis, pool)

 BBC News captured the ten minute speech given by President Barack Obama near the close of the G-20 summit. To watch and analyze, click here.

Mr. Obama had his usual calm, poker face composure, despite very obvious disagreements and friction, mostly from Angela Merkel and Nicolas Sarkozy who demanded greater oversight and regulation over financial institutions and a black list of safe havens. On the safe haven issue, Obama was given credit for having brokered an agreement between France and China who were on 'non-speaking' terms since France hosted the Dalai Lama.

The last thing anyone wanted to hear at the summit was the suggestion of further economic stimulus packages. There has been almost non-stop demonstrations and rioting in London against the G20 summit, with fingers pointed at Hu Jintao, Obama and Brown, all of whom are believed to have had a key role in the current crisis. There was one unfortunate death reported during one of yesterday's demonstrations in London.

President Obama called the summit historic and a turning point in the global crisis. He personalized the crisis by describing the hardships that have been endured by people of the world and US citizenry. He lauded the speed with which the convening nations had taken steps to ensure that there would be no deepening of the crisis. He took issue with the press that they had reported irreconcilable differences that would plague the summit.

He confirmed what President Sarkozy had already indicated about the IMF's receiving US$500 billion and his support for open markets, and rejection of protectionist measures.  He may have been taking responsibility when he talked about commitment for reform of failed regulatory systems, and ending the  '"bubble and bust' economy that has stood in the way of sustained growth and endangers growth and prosperity. He indirectly lauded Geithner for having developed the strongest regulatory reforms any nation has contemplated to prevent the 'massive failure of responsibility that we have already seen'.

He also spoke about protecting those who have no voice in such forums, i.e. developing countries, by lending support and economic rescue, qualifying the move as one that would yield future markets for the world economy.

He complimented Prime Minister Gordon Brown and recognized the culture gaps that may exist when a global meeting of this diversity is called. 

He spoke of his sideline bilateral meetings with Russia, China, South Korea, Saudi Arabia and India and Great Britain. Those meetings included discussion of nuclear arms proliferation and the North Korean threat,  the defeat of terrorism,  the stabilization of Afghanistan and the challenges posed by climate change.

He reiterated his commitment to listening, not dictating, and coming to consensus.

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See related Examiner report in full:  President Obama speaks from G20 Summit and cites consensus