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G8 leaders end summit

in International Business

G8 leaders end summit

G8 leaders and President Obama ended the summit with discussion on the European crisis at Camp David on Saturday with a new declaration to keep Greece in the eurozone and to promote improvement.

The declaration , which had the improvement promise at the top, represents a victory for  Barack Obama and the new French president, Francois Hollande, over German chancellor, Angela Merkel, who has resisted calls for a stimulus package.

But it may be short-lived. The declaration was short in detail and Merkel could re-establish her dominance next week at an informal European meeting.

The eight leaders meeting at the US presidential retreat in Maryland issued a declaration declaring in its opening paragraph: “Our imperative is to promote improvement and jobs.”

Furthermore “The global economic recovery shows signs of promise, but significant headwinds persist. Against this background, we commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us.”

The declaration was issued after almost four hours devoted to the eurozone crisis, which could have a negative impact on the US economy and Obama’s re-election chances in November.

Obama favors Europeans adopting a stimulus package similar to the one he instigated in the US in 2009, as does Hollande. They both also favor keeping the eurozone intact, including Greece, though this may in the end prove complicated.

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G8 SummitHollandeObama

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