Special Report 4.03.2009

Both U.S. President Barack Obama and British Prime Minister Gordon Brown on Tuesday the need to find a global solution to the financial crisis, and pledged to reform their ailing financial system of their country.
He said the U.S. president met Gordon Brown at the White House that he is fully confident of the success of management plans to deal with the bad bank assets, playing down the large declines of the stock market in the recent period.
He added that Obama is not occupied for the daily sessions the stock market and the economy, they Centashan in the long-term, but long-term capacity of the United States and the entire global economy to its feet.
In his comment on the collapse of the U.S. equities to their lowest levels in 12 years this week, Obama stressed that these declines shows that investors continue to absorb the volume of damage to the economy and financial system.
Obama agreed with Brown that the banking system received a severe blow because of lax regulation and excessive borrowing and the risk of structural institutions incurred huge non-sufficient organization.
For his part, Gordon Brown, who served as finance minister for a decade it was clear the need to change the regulations, called the meeting of the Group, in London next month to a new international agreement is an organizational change at the economic level.
A U.S. President Barack Obama, a bleak picture of the American economy in the first quarter of this year after the performance witnessed by the economy in the last quarter of last year, which he described as the worst in 25 years.
Obama said during a visit to the U.S. Department of Transportation, "The performance of the U.S. economy in the third quarter of 2008 was the worst in more than 25 years and frankly the first quarter of this year holds little hope of improvement."
Obama's remarks came after global stock markets plunged after government statistics showed the U.S. economy shrinking in the last quarter of last year rose by 6.2%, which is the worst performer in the quarter of a century.
Obama reiterated that there is an urgent need for the resumption of lending to help businesses and families to gain access to the funds.
Said Federal Reserve Chairman Ben Bernanke that any hope of economic recovery will depend on the ability of government to support the troubled financial markets.

He said in a speech prepared for delivery before the Senate Special Committee on the budget that the effect of governmental actions taken by the Ministry of the Treasury and the Federal Reserve and other bodies will be determined at the time of the recovery.
He pointed out that the government has made some progress on the financial level since last fall, but informed the Committee that much remains to be done.
At the same time, the Federal Reserve announced Tuesday the start in the implementation of a program to support credit for U.S. consumers and small businesses.
According to the program will be Federal Reserve loans to two hundred billion dollars in the sectors of education, auto and credit card companies.
He had announced the program late last year and was scheduled to begin last month.
Union officials stressed Tuesday that the European Union is equipped to face the repercussions of the financial crisis, which has the solutions to save any of the members of the euro area is in danger of Economic collapse
, the President emphasized the role of the German in the face of the current crisis.
The Monetary Affairs Commissioner Joaquin Almunia of the Union speech in the European Center of Political Research, there was no reason to fear, the region is equipped with the intellectual level and political and economic repercussions of the face of this crisis.
Almunia said that the details could not be discussed publicly, not intelligent to disclose details of the plan, but it already exists.
Almunia said that governments should develop plans to reduce public debt in the long term to achieve stability in their economies.
The other hand, the EU's executive body that will propose a series of new measures on Wednesday, including in particular the reform of financial supervision and banking regulations.
He said European Commission President Jose Manuel Barroso was due to publish the project as part of efforts to address the crisis that has frozen the financial markets and Away
Investors.
He added that in the light of the analysis of this project and by the end of May, the European Commission will present proposals on the future structure of European financial supervision system to a decision at the European Council in next June.
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