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

Hostage Crisis Could Divide Japan Over Plans to Boost Military

Japanese Chief Cabinet Secretary Yoshihide Suga said Monday the government is working closely with the Jordanian government to secure the release of remaining Japanese hostage Kenji Goto More

Video Brussels Shaken as New Greek Leader Challenges Europe’s Austerity Drive

Country's youngest ever PM Alexis Tsipras, 40, sworn in Monday and says he will restore dignity to Greece by ending spending cuts More

Multimedia National Geographic Photo Camps Empower Youth

Annual mentoring program's mission is to give young people a voice to tell their own stories through photography More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Obama Urges Closer Economic Ties During Historic India Visiti
X
Aru Pande
January 26, 2015 9:33 PM
U.S. President Barack Obama says the United States and India must do better to capitalize on untapped potential in their economic relationship - by removing some of the roadblocks to greater trade and investment. As VOA correspondent Aru Pande reports from New Delhi, Obama spoke after participating in India’s Republic Day celebration.
Video

Video Obama Urges Closer Economic Ties During Historic India Visit

U.S. President Barack Obama says the United States and India must do better to capitalize on untapped potential in their economic relationship - by removing some of the roadblocks to greater trade and investment. As VOA correspondent Aru Pande reports from New Delhi, Obama spoke after participating in India’s Republic Day celebration.
Video

Video US, EU Threaten New Russia Sanctions Over Ukraine

U.S. President Barack Obama has blamed Russia for an attack by Ukrainian separatists that left dozens dead in the port of Mariupol and cast further doubt on the viability of last year’s cease-fire with the Kyiv government. VOA’s Michael Bowman reports from Washington.
Video

Video White House Grapples With Yemen Counterterrorism Strategy

Reports say the U.S. has carried out a drone strike on suspected militants in Yemen, the first after President Barack Obama offered reassurances the U.S. is continuing its counterterrorism operations in the country. The future of those operations has been in question following the collapse last week of Yemen’s government. VOA White House correspondent Luis Ramirez reports.
Video

Video Kerry Warns Against Violence in Nigeria Election

US Secretary of State John Kerry visited Nigeria Sunday in a show of the level of concern within the U.S. and the international community over next month’s presidential election. Chris Stein reports.
Video

Video Zoo Animals Show Their Artistic Sides

The pursuit of happiness is so important, America's founding fathers put it in the Declaration of Independence. Any zookeeper will tell you animals need enrichment, just like humans do. So painting, and even music, are part of the Smithsonian National Zoo's program to keep the animals happy. VOA’s June Soh met some animal artists at the zoo in Washington. Faith Lapidus narrates.
Video

Video Worldwide Photo Workshops Empower Youth

Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video Saudi, Yemen Developments Are Sudden Complications for Obama

The death of Saudi Arabia's King Abdullah and the collapse of Yemen’s government have cast further uncertainty on U.S. efforts to fight militants in the Middle East and also contain Iran’s influence in the region. VOA White House correspondent Luis Ramirez reports on the new complications facing the Obama administration and its Middle East policy.
Video

Video Progress, Some Areas of Disagreement in Cuba Talks

U.S. and Cuban officials are reporting progress from initial talks in Havana on re-establishing diplomatic ties. U.S. Assistant Secretary of State (for Western Hemisphere Affairs) Roberta Jacobson said while there was agreement on a broad range of issues, there also are some “profound disagreements” between Washington and Havana. VOA State Department correspondent Pam Dockins has the story.
Video

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday - commonly seen as a form of printing new money. Henry Ridgwell reports for VOA from London on whether the move might rescue the eurozone economy -- and what lessons have been learned from similar programs around the world.
Video

Video Nigerian Elections Pose Concern of Potential Conflict in 'Middle Belt'

Nigeria’s north-central state of Kaduna has long been the site of fighting between Muslims and Christians as well as between people of different ethnic groups. As the February elections approach, community and religious leaders are making plans they hope will keep the streets calm after results are announced. Chris Stein reports from the state capital, Kaduna.
Video

Video As Viewership Drops, Obama Puts His Message on YouTube

Ratings reports show President Obama’s State of the Union address this week drew the lowest number of viewers for this annual speech in 15 years. White House officials anticipated this, and the president has decided to take a non-traditional approach to getting his message out. VOA White House correspondent Luis Ramirez reports.
Video

Video S. Korean Businesses Want to End Trade Restrictions With North

Business leaders in South Korea are calling for President Park Geun-hye to ease trade restrictions with North Korea that were put in place in 2010 after the sinking of a South Korean warship.Pro-business groups argue that expanding trade and investment is not only good for business, it is also good for long-term regional peace and security. VOA’s Brian Padden reports.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid