Obama: Eurozone 'must focus on jobs and growth'

 

President Obama: "All the leaders here today agreed growth and jobs must be our top priority"

US President Barack Obama has said there is an "emerging consensus" that European countries must now focus on jobs and growth.

Speaking after the G8 summit of some of the world's leading economies, he said the US was confident that Europe can meet its challenges.

President Obama said leaders had made good progress on a range of issues.

In addition the eurozone crisis, they discussed Iran, Afghanistan and global energy supply.

The leaders of France, Germany, the US, the UK, Italy, Japan, Canada and Russia met at Camp David in the US state of Maryland.

G8 leaders at Camp David (19 May) Obama said the meeting had been a success

In an earlier communique, G8 leaders committed themselves to promoting growth alongside fiscal responsibility and affirmed that they wanted Greece to stay in the eurozone.

The BBC's Paul Adams at Camp David says both that communique and Mr Obama's speech showed the US and French position had won out over Germany and Britain's pro-austerity stance.

Energy worries

Leaders attending the summit addressed a number of issues, including energy security, climate change and the situation in Iran, Afghanistan and North Korea.

There was discussion of a broad release of national oil reserves to steady shaky energy markets when tough new sanctions on Iran's oil exports kick in.

President Obama also announced that they had formed a new alliance to focus on food security with African leaders and the private sector.

The focus, however, remained on the crisis in the eurozone.

Speaking to reporters at the end of the summit, President Obama said: "As all of the leaders here today agree, growth and jobs must be our top priority."

Emphasising that the United States had taken this approach to its own financial crisis, he said he was "confident" that European countries were moving in the right direction.

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Mr Cameron and Mr Obama, outside the eurozone but in mortal peril if it spirals deeper in crisis, are demanding urgent, dramatic and speedy action. ”

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But he acknowledged that the European situation was "more complicated" than America's. Earlier, the G8 leaders said "the right measures are not the same for each of us".

In a statement, the group said it agreed "on the importance of a strong and cohesive eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments".

The global economic recovery was showing signs of progress, they said, but "significant headwinds persist".

For its part, the EU welcomed the G8 communique with its dual emphasis on boosting growth and jobs.

European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said both growth-boosting measures and efforts to restore public finance were needed.

"Opposing the two is a false debate," said they said in a joint statement.

Leaders will now turn their thoughts to Afghanistan, as President Obama and other heads of government travel to Chicago for a Nato summit on Sunday.

 

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  • rate this
    0

    Comment number 1016.

    978.
    Jeffrey Fourmile In your own particular case try looking in a mirror, and by the way, the record that you bought from Tory Central office whenThatcher was selling off the UK's assets, I have to tell you its cracked.

  • rate this
    -2

    Comment number 1015.

    #933.Skywatchman

    "John, John, I'm going to try once more to convince you that you are wrong"

    Hilarious! And, you're going to that by presenting more (made up) anecdotal waffle?

    It's quite clear that you don't have a clue what you're talking about, as was pointed out to you later in the thread.

    Carry on trolling!

  • rate this
    +3

    Comment number 1014.

    1011.Skywatchman

    "Very good! That just goes to prove it"

    Did you miss me and my banter whilst I was away? I should really stop picking on people and actually comment on the topic, but what more is there to say? Prosperity for all is a joke and no one cares as long as they line their pockets, these people know exactly what "Growth" is. Their off shores are growing daily.

  • rate this
    +1

    Comment number 1013.

    Well, that shut me up (the *compliments", not the gratuitous insults), so it's good night from me.

  • rate this
    0

    Comment number 1012.

    1006 InPlainSight
    Ditch the TV/sky, contract phone, eat basic ingredients not packaged junk & pay off their debts.

    Well said but this would kill growth and bring the country to its knees. Yes we are all in Debt and we are all paying it back, we buy only what we need. But there lies the problem . Get used to this; it is going to last at least ten years

  • rate this
    0

    Comment number 1011.

    1002.Formerly Golgotha until I can think of another
    9 Minutes ago
    998.Skywatchman
    "Whatever their (challenging HYS posters) reasons, they perform a good job..."
    1002.Formerly Golgotha until I can think of another
    Surely you meant "challenged"?

    Very good! That just goes to prove it.

  • rate this
    0

    Comment number 1010.

    987.
    Exile Uncle Sam I agree with your sentiments, but the problem is how do you teach someone with no experience of real life, no experience of basic economics, who is basically an arrogant, presumptuous and patronizing individual anything? Wrong man. wrong time, wrong place. wrong ideology.

  • rate this
    +1

    Comment number 1009.

    @1003. Dr Bob Matthews

    You do realise that the bulk of QE was done under Brown/Darling but don't let me stop you having your usual rant about Cameron and the Tories.

    I suggest that take your blinkers off and start realising that both the main parties' policies are virtually the same.

    Only a fool would be taken in by Balls/Miliband political opportunism.

  • rate this
    0

    Comment number 1008.

    1006 InPlainSight

    Well said, if I could give that ten +s I would.

  • rate this
    0

    Comment number 1007.

    Where are all the Americans? I love their crazy world views. It's pretty boring here without them.

  • rate this
    +2

    Comment number 1006.

    Most people's biggest wish is to get out of debt but the system makes it completely impossible for them to do so because the cost of living is rising much faster than peoples wages but people could take back control- strip back to basics and stop paying the banks/corporations for stuff they don't need. Ditch the TV/sky, contract phone, eat basic ingredients not packaged junk & pay off their debts

  • rate this
    +1

    Comment number 1005.

    Does anyone have any idea how much these 'regular' meetings cost the 'in debited' taxpayer. Then they come all out and tell us things that we already know and everything is fine now. Jobs for the majority so they get by and don't revolt, and all so the wealthy can make even more money. Capitalism at it's finest.!

  • rate this
    +1

    Comment number 1004.

    999.nautonier
    "Another politician chucking the 'G' word around as is unhelpful as most politicians anywhere have zero knowldge of how to get 'G'"

    I'm sure I read somewhere that a Gynaecologist had discovered and finally proved the 'G' spot actually exists. Our world leaders could ask him to help find their elusive 'G' then I'm sure everyone, including Frau Merkel would be very happy.

  • rate this
    -2

    Comment number 1003.

    Cameron wouldn't understand real growth if it jumped up and bit him. His policies of austerity which trigger rising unemployment, is a total failure. His response of QE is there to help one group only , the banks. He hasn't the guts to spell out that QE or devaluation is eroding wages and increasing real inflation. This is typical Tory economics of the madhouse devised to appease the wealthy.

  • rate this
    +2

    Comment number 1002.

    998.Skywatchman

    "Whatever their (challenging HYS posters) reasons, they perform a good job..."

    Surely you meant "challenged"?

  • rate this
    +3

    Comment number 1001.

    Growth is all people want to hear. But perpetual growth is pure fantasy. Nothing can grow forever, in the end there are no more resources on which to base that growth. Better to start thinking differently before it's too late. Try googling "steady state economy" for a drop of realism instead of the "perception of reality".

  • Comment number 1000.

    All this user's posts have been removed.Why?

  • rate this
    +2

    Comment number 999.

    Another politician chucking the 'G' word around as is unhelpful as most politicians anywhere have zero knowldge of how to get 'G' - without a credit boom - so poor are their macro-economic skills - all politicains do is go running to bankers and the 1% as just makes their rich friends richer.

    Obama needs to spell out how to get 'G' and not just keep on the socialist wastrel rhetoric band-wagon

  • rate this
    0

    Comment number 998.

    994.InPlainSight
    @Jeffrey Fourmile- agent provacteur or just in it for the sport?

    Whatever their (challenging HYS posters) reasons, they perform a good job and provide a good service in keeping us all on our toes and the debate lively. It would be so mundane without them. Bring it on and keep the forum interesting.

  • rate this
    +2

    Comment number 997.

    I have just one point - "The Perception of Reality" relates to money as much as anything else.

 

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