By Yali N'Diaye

WASHINGTON (MNI) - President Barack Obama Friday stressed the importance of international cooperation to promote global economic growth that's "sustainable" for each country's budget, and the G20 summit will be the appropriate place to discuss such efforts.

He also repeated the need for international coordination to strengthen the financial regulatory system at home and at the global level.

By Heather Scott

TORONTO (MNI) - If Woody Woodpecker gorges himself to the point of explosion, but only bursts after finally popping an olive in his mouth, will regulating olive consumption prevent a repeat of the destructive behavior?

By Joseph Plocek

WASHINGTON (MNI) - The U.S. Q1 real GDP revision again disappointed at a below-expectations +2.7%, and growth appears to have slowed further over the course of Q2.

The Q1 revision reflected more imports (due to annual revisions to data) and less consumer spending. The latter was in services and natural gas. There was also more inventory building than previously estimated.

PARIS (MNI) - Budget cuts to be implemented by France's government to cut the public deficit will not harm economic growth, contrary to the warnings of many observers, Prime Minister Francois Fillon said Friday.

The government deficit will be slashed by E40 billion next year in order to lower the overall public deficit from 8% to 6%, Fillon said at a press conference.

WASHINGTON (MNI) - The following is a statement from Treasury Secretary Tim Geithner following the early morning passage by the House-Senate Conference Committee of a sweeping new rule book for Wall Street and the banking industry:

"We commend Congress and specifically Chairman Dodd, Chairman Frank, Chairwoman Lincoln and Chairman Peterson for completing their work within Conference and bringing us this close to enacting meaningful financial reform.

PARIS (MNI) - Budget cuts being implemented by France's government to cut the public deficit will not harm economic growth, contrary to the warnings of many observers, Prime Minister Francois Fillon said Friday.

In a press conference to explain the government's pension reform and deficit reduction measures, Fillon acknowledged the concerns being raised by some that the cuts in public spending could "brake growth."

BERLIN (MNI) - Due to the expected healthy economic growth in Switzerland this year, deflationary risks have mostly vanished, the Swiss National Bank reiterated in its latest Quarterly Bulletin released Friday.

The Bulletin, which is primarily based on data available ahead of the central bank's last monetary policy meeting on June 17, brought little change in the overall policy and economic outlook.

FRANKFURT (MNI) - Austrian banks would have an 8.7% tier 1 capital ratio in the event of a severe stress scenario, the country's national bank reported Friday in its Financial Stability Report.

The scenario tested for would include a double-dip recession and an increase in non-performing loans from both the domestic market and eastern Europe over a two-year horizon, the central bank said.

The tier 1 capital ratio of the country's big six banks would be 8.0% in such a scenario, the bank added.