After 2 days of talks at the Camp David Presidential Retreat outside Washington, Mr. Obama said the eight leaders acknowledged that budget cuts alone will not restore Europe’s economy.
“And there’s now an emerging consensus that more must be done to promote growth and job creation right now in the context of the fiscal and structural reforms.”
A statement from the G8 leaders called for a balance between growth and austerity to fight the economic woes.
Mr. Obama said the leaders discussed the need for the troubled European countries to continue shrinking their deficit while stimulating economic growth.
“Today we agreed that we must take steps to boost confidence and promote growth and demand while getting our fiscal houses in order. We agreed upon the importance of a strong and cohesive Euro Zone, and affirmed our interest in Greece staying in the Euro Zone while respecting its commitment.”
The decisions these leaders made could have political consequences. The main advocate of European austerity, German Chancellor Angela Merkel recently saw her party defeated in a local election.
Former French President Nicolas Sarkozy who also favored budget cuts was voted out of office, in favor of Francois Hollande who offered pro-growth policy.
Many U.S political analysts say a stagnant economy blamed partly on Europe’s economic growth is the biggest obstacle to Mr. Obama’s reelection in November.
“The leaders here understand the stakes. They know the magnitude of the choice they have to make and the enormous political, economic and social cost if they don’t.”
The G8 leaders also addressed the possibility of oil shortages when new sanctions against Iran’s oil exports take effect late next month.
“And in the face of increasing disruptions in the supply of oil, we agreed we must closely monitor global energy markets. Together we stand ready to call upon the International Energy Agency to take actions to ensure that the market remains fully and timely supplied.”
The President hosted the meeting of the G8 leaders and leaders of Benin, Ethiopia, Ghana and Tanzania to help improve food security in Africa. Mr. Obama said the G8 is committed to building on its 2009 initiative that led to 22 billion dollars in government pledges.
The President said he and his G8 counterparts made progress on numerous other international issues, among them were Afghanistan, Syria and North Korea. Most of the leaders have moved on to Mr. Obama’s home city of Chicago for the NATO Summit.
奥巴马主持8国集团峰会
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