Business     

US, EU vow to revive growth, solve crisis

Xinhua, November 29, 2011

• The United States and the European Union (EU) on Monday vowed to work together to revive economic growth and solve financial crisis, a U.S.-EU joint statement said on Monday.

  "We are committed to working together to reinvigorate economic growth, create jobs, and ensure financial stability," said the statement.

  "We will do so by taking actions that address near-term growth concerns, as well as fiscal and financial vulnerabilities, and that strengthen the foundations of long-lasting and balanced growth," it said.

  The United States welcomed the EU's "actions and determination" to take all steps necessary to restore financial stability and solve the eurozone crisis, and the EU looked forward to U.S. action on medium term fiscal consolidation, said the statement.

  The two sides also agreed on the importance of working together with emerging economies to foster policies supporting sustained and balanced global growth.

  The joint statement came after U.S. President Barack Obama hosted European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, and High Representative for foreign policy Catherine Ashton at the White House for the annual U.S.-EU summit.

  The summit is focused on global economy, which is considered to have entered "a new and difficult phase" with risk of a double recession under the shadow of the ongoing financial crisis in Europe.

  The two sides also vowed to intensify efforts to realize the untapped potential of transatlantic economic cooperation to generate new opportunities for jobs and growth, particularly in emerging sectors.

  "We are committed to making the U.S.-EU trade and investment relationship - already the largest and most integrated in the world - stronger," said the statement.

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