President Barack Obama gestures as he speaks during a bilateral meeting with China’s President Hu Jintao during the G20 Summit, Tuesday, June 19, 2012, in Los Cabos, Mexico. AP/Carolyn Kaster
LOS Cabos, Mexico – US President Barack Obama said after the G20 summit that it was clear European leaders understood the stakes in battling the eurozone crisis and were acting with “heightened” urgency.
Obama also welcomed efforts by Europe laid out at the summit in the Mexican resort of Los Cabos to work towards a “more integrated financial architecture” in the 17-nation eurozone.
“I think that what I have heard from European leaders… they understand the stakes, they understand why it is important for them to take bold and decisive action and I am confident they can meet those tests,” Obama said.
“I always show great sympathy for my European friends because they don’t have to deal with one Congress, they have to deal with 17 parliaments, if you are talking about the eurozone.”
“They have to work through all the politics to get it done and markets are a lot more impatient,” Obama said at a press conference at the end of the summit.
“What I have encouraged them to do is to lay out a framework for where they want to go in increasing European integration in resolving the financial pressures that are on sovereign countries.”
“I am confident that over the next several weeks, Europe will paint a picture of where we need to go.”