`` unprecedented '' package of measures to tackle the crisis . The deal agreed by the leaders of the world 's largest economies included reform of the international banking system and the injection of more than $ 1 trillion into the world financial system . Watch what was agreed to at the summit '' French President Nicolas Sarkozy and German Chancellor Angela Merkel , who had voiced concerns prior to the summit about the wisdom of pumping further public money into economies already in recession , welcomed Thursday 's agreement -- though hinted at unresolved disagreements behind the scenes . There had been concerns that a rift was opening up between the approach being championed by the U.S. and Britain -- more economic stimulus -- and that favored by France and Germany -- more banking regulations . Sarkozy said the agreement represented `` great progress '' on reform of financial institutions and said `` a page had been turned . '' Merkel described the deal as `` a very , very good , almost historic compromise . '' The six-point plan includes banking reform measures and more than $ 1 trillion to be spent on restoring credit , growth and
LONDON , England -LRB- CNN -RRB- -- Leaders of the world 's largest economies agreed on Thursday to a package worth more than $ 1 trillion to tackle the global economic crisis . Barack Obama : `` The challenge is clear '' for world leaders to tackle the economic crisis . U.S. President Barack Obama called the deal `` a turning point in our pursuit of global economic recovery . '' The plan calls for reform of the international banking system and the injection of more than $ 1 trillion into the world financial system . The Group of 20 is taking `` unprecedented steps '' to attack the global economic downturn , stimulate growth and expand loans to troubled nations , Obama said at the close of the group 's meeting in London . `` The challenge is clear , '' the U.S. president said . `` The global economy is contracting . Trade is shrinking . Unemployment is rising . The international financial system is nearly frozen . '' Watch Obama 's speech '' British Prime Minister Gordon Brown heralded the emergence of a `` new world order '' Thursday following the release of what he called an