At the end of the G8 summit he hosted at Camp David this weekend, President Barack Obama reached agreement with leaders of other top economic powers to call for some economic stimulus in Europe, even while the Eurozone continues its commitment to reducing debt, according to a report from Associated Press.
Leaders acknowledged that the solution might be different for each European nation, given their different economic realities. The officials issued a joint summit statement after Saturday's talks that emphasized the urgency with which all Eurozone countries must contain the current financial crisis.
In remarks at the end of the summit, President Obama emphasized the importance of economic stimulus; something he deployed in the U.S. in 2009 to fight the foundering economy. "As all the leaders here today agreed, growth and jobs must be our top priority," the president said in prepared remarks. "A stable, growing European economy is in everybody’s best interests — including America's."
The statement also dealt with oil reserves and putting pressure on Iran; leaders agreed to a release of oil reserves if necessary to counteract a disruption in supply that could occur as a result of tough new sanctions expected to be imposed on Iran.
The Group of Eight summit includes leaders of the United States, Japan, Britain, Germany, France, Italy, Canada and Russia.