Barack Obama, International Financial System

OBAMA FOR USA. On the global economy, Mr. Obama has found himself at odds with several key European leaders who are strong supporters of other parts of his foreign policy. Backed by Britain's prime minister, Gordon Brown, Mr. Obama has called for an aggressive, coordinated policy of financial stimulus to reverse the slide that has led to the first worldwide global contraction in decades. But President Nicolas Sarkozy of France and Chancellor Angela Merkel of Germany rebuffed his request, arguing that their countries' strong safety net made stimulus less necessary and that the risk of igniting inflation was too high.

At the same time, Mr. Obama and Mr. Geithner were not inclined to sign on to Mr. Sarkozy's and Ms. Merkel's proposal for a new global financial regulator with enforcement powers.

Neither agenda moved forward when the leaders of the industrialized and emerging nations gathered in London on April 2 for a meeting of the Group of 20. Mr. Obama was able to persuade the group to pledge more than had been expected to the International Monetary Fund and the World Bank, making up to $1.1 trillion available to help stabilize shaky economies around the globe.