NEW YORK (CNN) - President Barack Obama called Monday for closer international cooperation both to contain the current financial crisis and prevent it from repeating in the future.
"We need to close the (regulatory) gaps that exist not just within this country but among countries," he told an audience of key financial and
political leaders at New York City's famed Federal Hall on Wall Street.
"We know that abuses in financial markets anywhere can have an impact everywhere. ... Just as gaps in domestic regulation lead to a race to the bottom, so too do gaps in regulation around the world. Instead, we need a global race to the top, including stronger capital standards."
Obama noted that he will push for new measures at next week's Group of 20 economic meeting in Pittsburgh, Pennsylvania.