In Mexico at the end time of G20 summit US President Barack Obama confirmed that he is encouraged through the plans of European leaders to tackle the euro zone crisis. In Mexico, according to the world leaders in the final report, they would take all necessary steps to save the euro area. Further the leaders reported that they accepted the plan of Spain to recapitalize its banks. In Mexico, the talks were being held as Greece seek to form a coalition government and Spain’s borrowing costs soared. At the end of the summit in Mexico, US President Barack Obama said that leaders of Europe were recognized that to address debt crisis of Europe, audacious and decisive actions were needed.
Europe Urged To Maintain The Stability In The Euro zone
President Obama also said, what I have heard from European leaders during these discussions in Mexico, they understand the stakes, they understand why it’s important for them to take bold and decisive action, and I am confident they can meet those tests. While there was not any other solution to solve the crisis in Europe, ”each step points to the fact that Europe is moving towards further integration rather than break-up”. He further said, I am confident that over the next several weeks, Europe will paint a picture of where we need to go.
G20 and Euro zone
In Mexico, when the summit came to end the leaders of Europe urged to maintain the stability in the euro zone and to work with the next government of Greece towards improvements and sustainability. According to the joint statement in G20 summit in Mexico, the members of the summit will take all the necessary steps to protect the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between the sovereigns and banks. The statement continued with the decision of leaders, we support the intention to consider concrete steps towards a more integrated financial architecture.