News / USA

    Obama Applauds European Economic Efforts

    Presidents Obama (r) and Putin at the G20 meeting in Los Cabos.
    Presidents Obama (r) and Putin at the G20 meeting in Los Cabos.
    Kent Klein
    LOS CABOS, MEXICO - President Barack Obama is welcoming statements by Europe's major economic powers that they will work toward a plan for growth and an integrated banking system.  The president spoke Tuesday, at the end of the annual Group of 20 economic summit in the Mexican resort of Los Cabos.

    President Obama says the leaders of Europe's G20 countries answered the concerns of world markets about their willingness to do what is required to hold the euro currency zone together.

    “Over the last two days, European leaders here in [Los] Cabos have made it clear that they understand the stakes, and they pledged to take the actions needed to address this crisis and restore confidence, stability and growth," said President Obama.

    Watch related video by Greg Flakus

    The president returns to Washington with an indication from the European leaders that they will make a coordinated effort to promote economic growth, something Obama and several other leaders have been urging.

    Growth and job creation are mentioned very early in the G20 leaders' statement at the end of the summit.

    “I welcome the important steps that they have already taken to promote growth, financial stability and fiscal responsibility," said Obama.

    The statement of unity was intended to reassure world markets, which appear worried about Greece's effort to form a coalition government and a bank bailout for Spain.  

    German Chancellor Angela Merkel has been under increasing pressure to endorse the job creation approach and retreat somewhat from the budget cuts she has been advocating for European nations burdened by vast debt.

    President Obama's re-election could depend, in part, on the outcome of the eurozone situation.  The state of the economy will be one of the main issues in this year's campaign, and the administration says the euro crisis is one of the factors holding back America's economic recovery.

    The president stressed to the European leaders in Los Cabos that the eurozone crisis is affecting the U.S. economy, as well as those in other parts of the world.

    Under pressure from Obama and other leaders, Europe's G20 members also agreed to move toward a more integrated banking system,  including a common regulatory system and insurance for depositors.  They did not say how long it would take.

    U.S. Undersecretary of the Treasury Lael Brainard told reporters Monday that Europe is making progress toward a resolution, but she advised being patient.

    “Some of the medium-term reforms that they are talking about involve a really very significant step forward on integration," said Brainard. "And so these are moves that are going to require political reforms, as well as financial reforms, and so, you know, they will take some time.”

    In addition to talking with European leaders on Tuesday, President Obama met with Chinese President Hu Jintao.  Before the meeting, Obama said job creation and the situation in Syria would be among the items discussed.

    China has pledged to contribute $43 billion to the International Monetary Fund's emergency bailout fund.  Fellow emerging economies India, Brazil and Russia have promised $10 billion each, bringing the fund's total to $456 billion.

    Obama also met Tuesday with Turkish Prime Minister Recep Tayyip Erdogan.  The White House says they discussed moving Syria toward a peaceful political transition that leads to democracy, among other issues.

    You May Like

    Former US Envoys Urge Obama to Delay Troop Cuts in Afghanistan

    Keeping troop levels up during conflict with both Taliban and Islamic State is necessary to support Kabul government, they say

    First Lady to Visit Africa to Promote Girls' Education

    Michele Obama will be joined by daughters and actresses Meryl Streep and Freida Pinto

    Video NYSE Analyst: Brexit Will Continue to Place Pressure on Markets

    Despite orderly pricing and execution strategy at the New York Stock Exchange, analyst explains added pressure on world financial markets is likely

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Brexit Vote Plunges Global Markets Into Unchartered Territoryi
    X
    June 24, 2016 9:38 PM
    British voters plunged global markets into unknown territory after they voted Thursday to leave the European Union. The results of the Brexit vote, the term coined to describe the referendum, caught many off guard. Analysts say the resulting volatility could last for weeks, perhaps longer. Mil Arcega reports.
    Video

    Video Brexit Vote Plunges Global Markets Into Unchartered Territory

    British voters plunged global markets into unknown territory after they voted Thursday to leave the European Union. The results of the Brexit vote, the term coined to describe the referendum, caught many off guard. Analysts say the resulting volatility could last for weeks, perhaps longer. Mil Arcega reports.
    Video

    Video Orlando Shooting Changes Debate on Gun Control

    It’s been nearly two weeks since the largest mass shooting ever in the United States. Despite public calls for tighter gun control laws, Congress is at an impasse. Democratic lawmakers resorted to a 1960s civil rights tactic to portray their frustration. VOA’s Carolyn Presutti explains how the Orlando, Florida shooting is changing the debate.
    Video

    Video Tunisian Fishing Town Searches for Jobs, Local Development Solutions

    As the European Union tries to come to grips with its migrant crisis, some newcomers are leaving voluntarily. But those returning to their home countries face an uncertain future.  Five years after Tunisia's revolution, the tiny North African country is struggling with unrest, soaring unemployment and plummeting growth. From the southern Tunisian fishing town of Zarzis, Lisa Bryant takes a look for VOA at a search for local solutions.
    Video

    Video 'American Troops' in Russia Despite Tensions

    Historic battle re-enactment is a niche hobby with a fair number of adherents in Russia where past military victories are played-up by the Kremlin as a show of national strength. But, one group of World War II re-enactors in Moscow has the rare distinction of choosing to play western ally troops. VOA's Daniel Schearf explains.
    Video

    Video Experts: Very Few Killed in US Gun Violence Are Victims of Mass Shootings

    The deadly shooting at a Florida nightclub has reignited the debate in the U.S. over gun control. Although Congress doesn't provide government health agencies funds to study gun violence, public health experts say private research has helped them learn some things about the issue. VOA's Carol Pearson reports.
    Video

    Video Trump Unleashes Broadside Against Clinton to Try to Ease GOP Doubts

    Recent public opinion polls show Republican Donald Trump slipping behind Democrat Hillary Clinton in the presidential election matchup for November. Trump trails her both in fundraising and campaign organization, but he's intensifying his attacks on the former secretary of state. VOA National Correspondent Jim Malone reports.
    Video

    Video Muslim American Mayor Calls for Tolerance

    Syrian-born Mohamed Khairullah describes himself as "an American mayor who happens to be Muslim." As the three-term mayor of Prospect Park, New Jersey, he believes his town of 6,000 is an example of how ethnicity and religious beliefs should not determine a community's leadership. Ramon Taylor has this report from Prospect Park.
    Video

    Video Internal Rifts Over Syria Policy Could Be Headache for Next US President

    With the Obama administration showing little outward enthusiasm for adopting a more robust Syria policy, there is a strong likelihood that the internal discontent expressed by State Department employees will roll over to the next administration. VOA State Department correspondent Pam Dockins reports.
    Video

    Video Senegal to Park Colorful ‘Cars Rapide’ Permanently

    Brightly painted cars rapide are a hallmark of Dakar, offering residents a cheap way to get around the capital city since 1976. But the privately owned minibuses are scheduled to be parked for good in late 2018, as Ricci Shryock reports for VOA.
    Video

    Video Florida Gets $1 Million in Emergency Government Funding for Orlando

    The U.S. government has granted $1 million in emergency funding to the state of Florida to cover the costs linked to the June 12 massacre in Orlando. U.S. Attorney General Loretta Lynch announced the grant Tuesday in Orlando, where she met with survivors of the shooting attack that killed 49 people. Zlatica Hoke reports.
    Video

    Video How to Print Impossible Shapes with Metal

    3-D printing with metals is rapidly becoming more advanced. As printers become more affordable, the industry is partnering with universities to refine processes for manufacturing previously impossible things. A new 3-D printing lab aims to bring the new technology closer to everyday use. VOA's George Putic reports.
    Video

    Video Big Somali Community in Minnesota Observes Muslim Religious Feast

    Ramadan is widely observed in the north central US state of Minnesota, which a large Muslim community calls home. VOA Somali service reporter Mohmud Masadde files this report from Minneapolis, the state's biggest city.

    Special Report

    Adrift The Invisible African Diaspora