Meeting in an effort to lift the sputtering world economy, the leaders of the Group of 20 countries eschewed specific commitments. Instead, they limited themselves to more generalized promises to invest in public works, overhaul labor markets, and use innovation, education and infrastructure investment to fuel economic growth. A more detailed plan to address
With his own re-election chances directly tied to the European economic crisis as it drags down growth in
The 20 countries represented agreed to take the "necessary actions" to strengthen global growth and restore confidence, and promised that the eurozone countries would work to safeguard the stability of the euro.
The leaders seemed to hint that they had, at least, brought
"We support the intention to consider concrete steps toward a more integrated financial architecture, encompassing banking supervision, resolution and recapitalization, and deposit insurance," the statement said.
Merkel said during a news conference: "From the side of the
But she added pointedly that a significant stimulus program, like the coordinated actions in the wake of the financial crisis, "cannot simply be repeated," and even said that Obama agreed. "The American president said, and we on the European side said, that doesn't work, the debts are too high for that."
That might be an oversimplification of the U.S. position, because Obama administration officials have spent the past year trying to point to the example of the steps that they took, including the stimulus, to jump-start the economy in 2008 and 2009.
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