Obama welcomes plan for Euro Zone stability

President Barack Obama is welcoming statements by Europe’s major economic powers that they will work toward a plan for growth and an integrated banking system. The president spoke Tuesday, at the end of the annual Group of 20 economic summit in the Mexican resort of Los Cabos.

President Obama says the leaders of Europe’s G20 countries answered the concerns of world markets about their willingness to do what is required to hold the euro currency zone together.

“Over the last two days, European leaders here in Cabos have made it clear that they understand the stakes, and they pledged to take the actions needed to address this crisis and restore confidence, stability and growth,” said Obama.

The president returns to Washington with an indication from the European leaders that they will make a coordinated effort to promote economic growth, something Obama and several other leaders have been urging.

Growth and job creation are mentioned very early in the G20 leaders’ statement at the end of the summit.

“I welcome the important steps that they have already taken to promote growth, financial stability and fiscal responsibility,” said Obama. The statement of unity was intended to reassure world markets, which appear worried about Greece’s effort to form a coalition government and a bank bailout for Spain.

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