Pittsburgh, Pennsylvania  - President Barack Obama said the Group of 20 (G20) had helped to haul the global economy back onto a path towards recovery as the leaders of the world's major economies wrapped up their two-day summit in the US city of Pittsburgh Friday.

"We have bought the global economy back from the brink. We have laid the groundwork for a sustained recovery," Obama told a press conference marking the end of the summit.

Having hosted what is the third meeting of the G20 leading industrial and emerging economic powers in less than year, Obama said the group has taken bold action and was committed to pursuing balanced and sustainable economic growth.

"We cannot tolerate the same boom and bust economy of the past," Obama told reporters.

Called to review the progress towards reshaping the world financial structure, the Pittsburgh summit agreed to toughen global banking regulations and to impose limits on bankers' bonuses.

The G20 plans for market reform would create a financial system that will be more secure than the one it replaces, Obama said.

Obama said the round of fiscal stimulus plans launched by governments around the world to contain the recession would be continued until "our people are back at work."

Underscoring the shift in global economic power to the world's top emerging economies such as China, India and Brazil, the G20 leaders also signed off on plans to transform the organization into the world's premier forum for dealing with key economic issues.

As a result, the G20 will supersede the Group of Eight (G8), which was formed in 1975 and now includes the US, France, Italy, Canada, Japan, Germany, Britain and more recently Russia.

Speaking at his press conference, Obama said it was no longer possible to meet the demands of the 21st century with institutions of the 20th century. The changes agreed to at the G20 summit "reflect the reality of time," he said.

The G8, however, will continue to meet but its focus will be on major international security issues.

In the meantime, the G20 leaders agreed to moves towards boosting the voting powers of emerging economies on the International Monetary Fund. (dpa)