The Obama administration has urged the Group of 20 nations against rushing to curb deficits, saying cuts should not be allowed to threaten economic growth.

"Countries must put in place credible plans to stabilize debt-to-GDP levels and set a pace of consolidation that reinforces the momentum of growth," Treasury Secretary Timothy Geithner and Lawrence Summers, director of the National Economic Council, wrote in an opinion piece posted on Wednesday's The Wall Street Journal.

"We must demonstrate a commitment to reducing long-term deficits, but not at the price of short-term growth," they wrote. "Without growth now, deficits will rise further and undermine future growth."

The two top economic advisers to U.S. President Barrack Obama also said that emerging economies could help the world recovery by allowing exchange-rate flexibility.

"We welcome China's recent decision to do so and look forward to its vigorous implementation," they wrote.

Meanwhile, they called on the G20 to accelerate efforts to establish a global framework for financial regulation.

"Critically, we need to reach agreement internationally on reducing leverage and raising capital requirements, improving both the quantity and quality of capital," they said.

However, they also warned that new measures must be phased in over time so they did not interfere with the flow of credit.

The G20, which groups 19 countries plus the European Union (EU), accounts for 85 percent of the world's gross national product, 80 percent of global trade and two-thirds of the world population collectively.

The fourth G20 summit is scheduled on June 26-27 in Toronto.