By Ian McKendry
WASHIGNTON (MNI) – President Barack Obama Monday said there is
broad support among European leaders to take a balanced approach
combining fiscal auterity with pro-growth measures in solving the
European debt crisis.
“A balanced approach is what is needed right now” Obama said,
answering a question during a press conference afollowing the NATO
summit in Chicago, Illinois.
Obama, who participated in meetings with G8 leaders over the
weekend at Camp David in Maryland said they had an “extensive”
discussion about how to strengthen the European economy without hurting
economic growth.
“We’ve got to put in place firewalls that ensure countries outside
of Greece that are doing the right thing are not harmed just because the
markets are skittish and nervous,” Obama said.
“I do sense greater urgency now than perhaps existed two years ago
or two and a half years ago,” he added.
Obama also suggested the Europeans take a page out of U.S. playbook
in addressing their economic woes by acting forcefully instead of in
“bitsize increments.”
“Ultimately, what I think is most important is that Europe
recognizes this euro project involves more than just a currency,” he
said. “It means that there has got to be some more coordination” on the
fiscal and monetary front, Obama said. He added that “everybody who was
involved in the G8 summit indicated their desire Greece stay in the
eurozone.”
Obama said he would not speculate on whether he thought Greece
would remain in the eurozone, but did say “what happens in Greece has an
impact on the United States.”
** MNI Washington Bureau: 202-371-2121 **
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