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

EU Court Fines Poland for Hosting CIA 'Black Sites'

Ruling is first time a court has acknowledged suspects were held and tortured at the sites, under US program launched following the 9/11 terrorist attacks More

Migrant Issues Close to Home Spur Groups to Take Action

Groups placing water, food in the desert, or aiding detainees after release, have one common goal: no more deaths of migrants crossing illegally into the US More

Video At AIDS Conference, Prevention Pill Stirs Excitement

Truveda shows promise, spurring debate over access and other approaches More

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.
Treatment for Childhood Epilepsy Heats up Medical Marijuana Debatei
X
Shelley Schlender
July 24, 2014 6:43 PM
In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video Death Toll From Israel-Gaza Conflict Surpasses 700

Gaza officials say a shelling hit a compound housing a United Nations-run school in the Gaza Strip, killing more than a dozen people, during an Israeli offensive in the area. Heavy fighting between the Israeli military and Hamas militants continued on Thursday, pushing up the death toll. So far, more than 730 Palestinians and 35 Israelis have been killed in the conflict. VOA's Scott Bobb has the latest from Jerusalem.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video Israel Targets Gaza Supply Tunnels

The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video Researchers Target Low-Cost Avatar Technology

Scientists at the University of Southern California Institute for Creative Technologies say 3-dimensional representations could revolutionize social media. Elizabeth Lee has more from Los Angeles.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.