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Sunday, May 20, 2012

Barack Obama warns eurozone to focus on jobs and growth

US President Barack Obama, wrapping up the G8 summit hosted at Camp David, says the euro zone crisis is threatening the world economy, but welcomes Europe's new focus on jobs and growth as a potential remedy.

Mr Obama, whose re-election chances in November depend heavily on the US economy continuing to shake off recession, said there was now "an emerging consensus" that Europe ought to invest in job-creating infrastructure and other programmes at the same time as it tackles its deficits and debt.

"As all the leaders here today agreed, growth and jobs must be our top priority. A stable, growing European economy is in everybody's best interests, including America's," he said.

"Put simply, if a company is forced to cut back in Paris and Madrid, that might mean less business for manufacturers in Pittsburgh or Milwaukee," Mr Obama added. Read More