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Barack Obama: Eurozone recovery must focus on jobs and growth

Sunday, 20 May 2012

*Barack Obama has drawn the G8 summit to a close by saying the recovery in the eurozone must be founded on job creation and growth, not austerity.*

Barack Obama: Jobs and growth should be Europe's top priority (Picture: AFP/Getty)

In a sign of the growing influence of the anti-austerity message of new Socialist French president Francois Hollande, President Obama said growth and jobs were G8 leaders' 'top priority'.

'A stable, growing European economy is in everybody's best interests - including America,' the US president said at the end of the summit in Camp David, Maryland.

G8 leaders including Angela Merkel and David Cameron assemble in Camp David (Picture: EPA/White House)

In an earlier communique leaders did however commit themselves to fiscal responsibility and for Greece to stay in the eurozone.

The communique acknowledged the situation in Europe was 'more complicated' than just a matter of creating jobs and insisted the correct course of action in response to the global economic crisis was 'not the same for each of us'.

The leaders of Canada, France, Germany, Italy, Japan, Russia, the UK and the US also discussed Iran, Afghanistan and global energy supplies during the summit.
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Source: Associated Press - on May 24, 2012

News video: Obama Highlights Economic Recovery Plan in Iowa

Obama Highlights Economic Recovery Plan in Iowa

President Barack Obama came to a central Iowa wind turbine blade manufacturer and took the opportunity to urge Congress to take steps to speed up economic recovery and create jobs. (May 24)

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