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

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Christmas Gains Popularity in Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal 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.
Jane Monheit Christmas Speciali
X
December 22, 2014 8:15 PM
Chanteuse Jane Monheit sings the holiday classic “Have Yourself a Merry Little Christmas,” and explains why it’s her favorite song of the season.
Video

Video Jane Monheit Christmas Special

Chanteuse Jane Monheit sings the holiday classic “Have Yourself a Merry Little Christmas,” and explains why it’s her favorite song of the season.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.

All About America

AppleAndroid

World Currencies

EUR
USD
0.8143
JPY
USD
119.23
GBP
USD
0.6390
CAD
USD
1.1596
INR
USD
63.304

Rates may not be current.