President Barack Obama, wrapping up the G8 summit he hosted at Camp David, welcomed Europe’s focus on rekindling growth and warned the crisis in the euro zone was dangerous for the world.
Obama, whose re-election chances in November depend heavily on the U.S. economy continuing to shake off recession, said there was now “an emerging consensus” that Europe ought to invest in job-creating infrastructure and other programs 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.”
Obama said his fellow G8 leaders from Britain, France, Germany, Italy, Japan, Russia and Canada recognized the painful sacrifices that people in Greece were enduring as a result of that country’s economic pressures.
While acknowledging there was still “a lot of work to do,” he said the United States remained confident that Europe has the capacity to meet its economic challenges.
“The direction the debate has taken recently should give us confidence,” Obama said.
