President Barack Obama is overseas in Europe for the G20 Summit. The president traveled with his wife Michelle. Secretary of State Hilary Clinton was also in Europe for the G20 Summit. One of President Barack Obama's main goals was to let the Europeans know that America can not solve the world economic problems alone. In a speech to the Europeans, President Barack Obama said that the Europeans have a view of Americans that needed to be bridged. The country is powerful, but cannot tackle the world economic crisis without help from its European allies. In this respect, President Barack Obama was trying to bring together the world economies to that of a team effort to solve the world's economic recession.

The leaders of about fourteen European countries agreed to a broad range of measures to accomplish the feat of tackling the world economic crisis. The most prominent announcement of financial initiative of fiscal action from European leaders came from Gordon Brown, the prime minister of England. Prime Minister Brown announced that the leaders in Europe had committed to $1.1 trillion in additional loans and guarantees to finance trade and bailouts for troubled countries.

Prime Minister Brown admitted that the amount was not sufficient for the enormous job that the $1.1 trillion bailout was committed to do and that was to pull countries entrenched in an economic recession. However, the stimulus was to be a direct injection into the world's economy and would be an improvement.

This is President Barack Obama first tour overseas to an economic summit of this sort. A previous summit was held in 1933 by Franklin D. Roosevelt with little result to feign off the Great Depression. The G20 summit of today consisted of discussions on hedge funds, rating agencies, and tax havens. The G20 summit agreed that tax havens will be subjected to sanctions and will be publicly named if tax information is not shared. The G-20 summit also agreed on new global rules to cap the pay and bonuses of bankers and to adopt common approaches to dealing with the toxic assets of world banks.

President Barack Obama was not able to garnish support for job creation of the countries initiating stimulus plans as he had done for the United States and Prime Minister Brown had done for Great Britain. France and Germany strongly opposed the job creation part of the world's stimulus plan.

President Barack Obama said that his main goal also was to listen and learn and that he think that the summit went alright. "I think we did OK." said President Barack Obama. President Barack Obama also said that he wanted to provide American leadership and that the documents produced reflected a range of the countries of the G20 "priorities."

To further the president's goal of transparency in government, the G20 countries agreed to "name and shame" countries that erected trade barriers to block free trade. The G20 countries pledged a $250 billion financing for international trade agreements.

The most important outcome of the G20 summit was the support for the International Monetary Fund which is paramount in the economic world crisis. The International Monetary Fund will be tasked with making emergency loans to dozens of countries in need. The Group of 20 countries pledged also to triple the resources of the International Monetary Fund to $750 billion. The $750 billion resources will come from $500 billion in loans from countries and $250 billion in Special Drawing Rights. The Special Drawing Rights is the synthetic currency of the International Monetary Fund and the $250 billion will be distributed to its 185 members. The countries could then, in turn, lend the money to its troubled neighbors. The sale of the IMF gold reserves will be to the poorest countries.

The results of the G20 Economic Summit worked out early risk warnings for banks that would be detrimental for France and Germany and provided transparency to European economic policies of the G20 summit.