U.S. President Barack Obama is urging world leaders to take "bold, comprehensive and coordinated action" to trigger a global economic recovery and avert future crises.
In an article published Tuesday in the International Herald Tribune, Mr. Obama says he hopes next month's summit of the world's 20 biggest economies will "galvanize collective action."
He says the Group of 20 should follow Washington's lead by implementing further stimulus measures to promote growth. Mr. Obama also says world leaders should adopt common standards to ensure transparency and accountability in the global financial system.
Meanwhile, China is calling for the creation of an international currency to reduce the risks of relying on one national currency for making international payments. China is the biggest holder of U.S. debt and fears the dollar's value will slide as the U.S. tries to boost its economy.
Chinese central bank governor Zhou Xiaochuan urged the International Monetary Fund to set up a global reserve currency in an article published late Monday.
Beijing is expected to push for developing nations to have a greater say in global finance at the G-20 meeting in London.
German President Horst Koehler says he also wants governments to reform the global financial system. Mr. Koehler's role in the German government is largely ceremonial, but he holds considerable international influence as a former head of the IMF. Germany is the largest economy in Europe.
Some information for this report was provided by AP and Reuters.