US president Barack Obama today pledged to work with leaders of the G-20 countries to strengthen the rules governing financial markets and ensure that the global economic crisis that engulfed the world just a year ago does not happen again.

“At next week’s G-20 summit, we’ll discuss some of the steps that are required to safeguard our global financial system and close gaps in regulation around the world — gaps that permitted the kinds of reckless risk-taking and irresponsibility that led to the crisis,” Obama in his weekly radio and Internet address to the nation.

The two-day G-20 summit in Pittsburgh, beginning on Thursday, comes five months after the world’s 20 leading and emerging economies met in London in April at the height of the crisis that required unprecedented international cooperation to help break the downward spiral which hit all the nations of the world.

“We cannot allow the thirst for reckless schemes that produce quick profits and fat executive bonuses to override the security of our entire financial system and leave taxpayers on the hook for cleaning up the mess,” he said. Obama said much work remained to create jobs and growth. — PTI

India to oppose protectionism in trade at G-20 summit

New Delhi: India will oppose all types of protectionism in trade and financial inflows to developing countries at the G-20 summit next week. Foreign secretary Nirupama Rao said on Saturday that India would also advocate reforms of international financial institutions. — PTI