May 19, 2012
G8 leaders on Saturday vowed to “strengthen and reinvigorate” their economies while pointedly “recognizing” that each country might pursue different policy paths in a statement that reflected the enduring split between proponents of greater stimulus or austerity.
The statement was issued just after midday from the Camp David retreat in Maryland, near Washington, where the leaders have gathered for the one day meeting hosted by Barack Obama.
Issued against the background of eurozone turmoil and a weak US recovery, the joint statement said: “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 statement on the Eurozone also mirrored the divisions over the region’s deep fiscal problems, and proposed remedies, symbolised at the summit by Angela Merkel, the German chancellor, and the newly elected French president, François Hollande, who favours renewed though limited stimulus.
“We welcome the ongoing discussion in Europe on how to generate growth, while maintaining a firm commitment to implement fiscal consolidation to be assessed on a structural basis,” it said.
“We agree on the importance of a strong and cohesive Eurozone for global stability and recovery, and we affirm our interest in Greece remaining in the Eurozone while respecting its commitments.”
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