21 May 2012

EU growth focus welcomed

7:07 am on 21 May 2012

US President Barack Obama has welcomed Europe's focus on rekindling growth and warned the crisis in the eurozone is dangerous for the world.

After a G8 summit he hosted at Camp David, Maryland on Saturday, Mr Obama said there is 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 of the leaders here today agree, growth and jobs must be our top priority,'' he said.

Mr Obama said his G8 leaders from Britain, France, Germany, Italy, Japan, Russia and Canada recognize the painful sacrifices that people in Greece are enduring as a result of that country's economic pressures.

But he acknowledged that the European situation was "more complicated" than America's. Earlier, the G8 leaders said "the right measures are not the same for each of us".

In a statement, the group said it agreed "on the importance of a strong and cohesive eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the eurozone while respecting its commitments".

The global economic recovery was showing signs of progress, they said, but "significant headwinds persist".