US President Obama called for "coordinated response to promote recovery and to restore prosperity coordination" among key developed and emerging economies during a speech on one-year anniversary of financial storm on Monday.

"We need to close the gaps that exist not just within this country but among countries," Obama said at the Federal Hall in New York City.

Obama called the Group of 20 Summit "an effective forum for coordinating policies among key developed and emerging economies. "The G20 will meet next week in Pittsburgh and continue to work on their agreement in April London Summit in spurring global demand and addressing underlying problems that caused such a deep and lasting global recession.

"Essential to this effort is reforming what's broken in the global financial system -- a system that links economies and spreads both rewards and risks," Obama said.

Obama called for a "global race to the top, including stronger capital standards."

"As the United States is aggressively reforming our regulatory system, we will be working to ensure that the rest of the world does the same," he said.

(Xinhua News Agency September 15, 2009)