May 19, 2012
Leaders of the Group of Eight major economies ended a weekend summit in which they struggled with little success to find agreement on next steps to calm the euro zone debt crisis, which poses a threat to the fragile U.S. recovery.
Among world leaders, consensus seemed to come more easily on ways to cushion the world from an Iranian oil embargo and other issues involving global security.
Meeting at the presidential retreat here, the G-8 leaders agreed that the euro-zone turmoil posed a critical threat to the global economy. But there were distinct signs of differences on the crucial question of how to resolve them.
In a joint statement Saturday, the G-8 leaders said they would take steps to boost their economies, while "recognizing that the right measures are not the same for each of us."
For U.S. President Barack Obama, who can do little more than nudge European leaders toward a solution, an economic crisis in Europe that spreads to the U.S. could be a devastating blow to his re-election campaign.
Nonetheless, Mr. Obama and leaders who favor a greater emphasis on policies that quickly produce jobs and growth over fiscal austerity portrayed the summit as a step forward, because their arguments gained greater stature.
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Declaration From Group of Eight Leaders
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