Brussels, 29/11/2011 (Agence Europe) - All quiet on the Western front. EU and US leaders stressed the need at their meeting in Washington on Monday 28 November for a solution to the eurozone sovereign debt crisis that is depressing hopes of a spurt in world economic growth. US President Barack Obama said that he had told the president of the European Council, Herman van Rompuy, and the president of the European Commission, José Manuel Durao Barroso, that “the United States stands ready to do our part to help them resolve this issue. This is of huge importance to our own economy. If Europe is contracting or Europe is having difficulties, then it's much more difficult for us to create good jobs here at home because we send so many of our products and services to Europe.”
Van Rompuy said the European Union was facing a crisis in confidence, aggravated by the slowdown in the world economy, and said that at the European summit of Friday 9 December he would be unveiling “a roadmap on how to strengthen the economic union of our euro area commensurate with our monetary union. We are aiming at binding rules to ensure strong fiscal and economic discipline in all countries - to go hand-in-hand with fiscal and economic integration - not only discipline but economic integration in the euro area as a whole.” When it comes to growth, Van Rompuy said structural reforms should stimulate competitiveness sand expand the single market. He said: “Slower global growth is not only due to the problems in the eurozone. Others have to do their part of the job too, for instance on exchange rates and implementing the commitments made in Cannes, at the G20, earlier this month” (see EUROPE 10490). Barroso said: “We are absolutely serious about the magnitude of the challenge, we understand the challenge, but you have to understand that sometimes some decisions take time.... We are strengthening economic governance of the European Union with more robust rules - rules to ensure sound budgetary policies and to tackle imbalances.” He said that nobody in Europe was talking about going back to the past. Instead, everyone is talking about how to extend European integration.
In a joint statement, the EU and US state: “We are committed to working together to reinvigorate economic growth, create jobs, and ensure financial stability. The United States welcomes the EU's actions and determination to take all necessary steps to ensure the euro area's financial stability and resolve the crisis. The EU looks forward to US action on medium term fiscal consolidation. We agree on the importance of working together with emerging economies to foster policies supporting sustained and balanced global growth.' (MB/transl.fl)