News / Economy

    Obama Hopes to Build on G20 Progress

    President Barack Obama speaks with, from left, French President Nicolas Sarkozy, German Chancellor Angela Merkel, and British Prime Minister David Cameron; during a working lunch at the G20 Summit in Cannes, France, Thursday, Nov. 3, 2011.
    President Barack Obama speaks with, from left, French President Nicolas Sarkozy, German Chancellor Angela Merkel, and British Prime Minister David Cameron; during a working lunch at the G20 Summit in Cannes, France, Thursday, Nov. 3, 2011.
    Kent Klein

    After the two-day G20 economic summit in France was dominated by the debt crisis in Greece, President Barack Obama says he will keep pressing for quick action to solve the crisis.  The president also vows to continue his push for legislation that would help create jobs in America.

    President Obama left the French resort city of Cannes Friday, expressing optimism that Europe can solve its economic problems, a key step toward boosting the world's economic recovery.

    But he and other non-European G20 leaders want swift action on the spreading European debt crisis. “Having heard from our European partners over the past two days, I am confident that Europe has the capacity to meet this challenge.  I know it isn’t easy, but what is absolutely critical, and what the world looks for in moments such as this, is action," he said.

    European G20 leaders resolved to attack the debt problem.  But the immediate action the Obama administration had hoped for did not materialize.

    Mr. Obama offered further advice and encouragement to his European counterparts, but no U.S. financial help.

    Still, the president said some progress was made in Cannes.  Italy, a top European economy, may have prevented problems similar to the ones in Greece by allowing the International Monetary Fund to monitor its economy.  And G20 leaders agreed to give the IMF more resources to fight financial crises.

    "Europe remains on track to implement a sustainable path for Greece.  Italy has agreed to a monitoring program with the IMF, in fact, invited it.  Tools have been identified that will better enable the world to support European action," he said.

    The concerns of other G20 countries about the state of the U.S. economy were underscored by the release of more figures showing lackluster job creation last month.  

    Mr. Obama used the occasion to again call on Congress to pass his $447 billion jobs legislation, saying his economic program is making some progress. "Is that good enough?  Absolutely not.  We've got to do more.  And as soon as I get some signal from Congress that they're willing to take their responsibilities seriously, I think we can do more," he said.

    The president and Republicans in the House of Representatives are offering separate and quite different bills on job creation.

    Some other G20 leaders praised Mr. Obama's plan, and he will spend the next few days promoting it to the American public.

    While most of the summit in Cannes focused on Europe's economy, China agreed to speed efforts to raise the value of its currency, the RMB, which President Obama had been planning to call for. "In addition, we welcome China's determination to increase the flexibility of the RMB.  This is something we've been calling for for some time, and it will be a critical step in boosting growth," he said.

    The U.S. and other countries welcomed China's stated intent to open its markets to more imports.  Obama administration officials say the Chinese announcements reflect concern in Beijing about risks to its economy from Europe's financial troubles.

    The most urgent non-economic item covered in Cannes, Iran's nuclear program, will be raised again in the coming days.  An International Atomic Energy Agency report due soon is expected to show that Iranian scientists are making progress toward learning to build a nuclear bomb.

    Iran has repeatedly denied that its nuclear program is for military purposes.

    Meanwhile, in the coming days, Mr. Obama will campaign for his jobs program, before leaving for the next series of international meetings.

    He will host the Asia-Pacific Economic Cooperation forum and the North American leaders' summit in his home state of Hawaii.  He will go on to visit Australia, then to the Indonesian resort of Bali for the East Asia Summit.

    You May Like

    Russia Sees Brexit Impact Widespread but Temporary

    Officials, citizens react to Britain’s vote to exit European Union with mix of pleasure, understanding and concern

    Obama Encourages Entrepreneurs to Seek Global Interconnection

    President tells entrepreneurs at global summit at Stanford University to find mentors, push ahead with new ideas on day after Britain voters decide to exit EU

    Video Some US Gun Owners Support Gun Control

    Defying the stereotype, Dave Makings says he'd give up his assault rifle for a comprehensive program to reduce gun violence

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    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

    World Currencies

    EUR
    USD
    0.8780
    JPY
    USD
    105.69
    GBP
    USD
    0.6725
    CAD
    USD
    1.2746
    INR
    USD
    67.302

    Rates may not be current.