US confident of eurozone crisis solution | WPN World People News

US President Barack Obama has said he was encouraged by European leaders' plans to tackle the eurozone's debt crisis, a growing menace to the American economy.

Obama said in a closing news conference Tuesday that despite the challenges, he was confident the European leaders were on the right path to resolving the crisis.

He welcomed the G20 declaration that European leaders would "take all necessary policy measures to safeguard the integrity and stability of the area".

"Our friends in Europe clearly grasp the seriousness of the situation and are moving with a heightened sense of urgency," Obama said.

Obama said that European leaders recognised that "bold and decisive" action was needed to address the debt crisis.

"What I have heard from European leaders during these discussions, 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," he said.

He said there was no "silver bullet" to solve Europe's crisis and "each step points to the fact that Europe is moving towards further integration rather than break-up".

"I am confident that over the next several weeks, Europe will paint a picture of where we need to go."

Obama pointed to achievements from theG20 summit in this Mexican city, including renewed commitments from the fastest growing economies to work to reduce trade and exchange-rate imbalances to foster economic growth.

Source: South America News.net