Obama, G20 Press Europe On Economic Plan
June 19, 2012
President Barack Obama takes his place with other leaders for the Family Photo during the G20 Summit, Monday, June 18, 2012, in Los Cabos, Mexico.
Europe's financial crisis took center stage on Monday as the Group of 20 economic summit began in Mexico. President Barack Obama and other G20 leaders continued to urge European nations to move forward with a growth plan.
Amid the splendor of the resort area of Los Cabos, the leaders of the world's most influential economies expressed their concern about the direction of Europe's economy.
After meeting with Mexican President Felipe Calderon, President Obama joined those putting pressure on Europe to advance a plan to address its banking and debt crisis. “A lot of attention has been centered on Europe. Now is the time, as we have discussed, to make sure that all of us join to do what is necessary to stabilize the world financial system," he said.
One of the president's top economic advisers, Undersecretary of the Treasury Lael Brainard, told reporters that the United States is seeking an answer from Europe soon. “We do not expect decisions until all euro area leaders have their summit at the end of June, but we do expect to see a clear direction of travel coming out of Los Cabos," he said.
G20 - June, 2012, Current Account Balance
Brainard said the United States hopes that direction will be toward more projects that will stimulate European economic growth.
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