Obama says unregulated markets went off rails

President Barack Obama says the market is the most effective mechanism for producing wealth, but it goes off the rails sometimes.

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The president said the role poorly regulated banks and financial institutions played in the deep global economic recession led him to agree to a system of greater regulation in the final communique issued at the end of the London G-20 summit.

Going into the meeting of the world's most powerful and developing economies there were reports that the United States was at odds with some of its European partners, France and Germany in particular, over whether it was more important to inject stimulus spending into the global economy or impose greater regulation on the world financial system.