By Stephen Kaufman | Staff Writer | 06 October 2011
US-President Barack Obama said the troubled U.S. economy cannot raise its level of imports and incur more debt as it has done in the past to help alleviate global financial crises.
Washington 6. October 2011
US-President Barack Obama says the European sovereign debt crisis could hurt the U.S. economy, and he urged European leaders to “act fast” in support of Greece and other countries in the European Monetary Union that are having difficulty paying their debts.
Speaking to reporters at the White House October 6, 2011 Obama said financial uncertainty in Europe is the “biggest headwind the American economy is facing right now” due to its affect on global markets.
But the US-President Obama also expressed confidence that leaders such as German Chancellor Angela Merkel and French President Nicolas Sarkozy are mindful of the challenge and the need to coordinate a response.
“The problems Europe is having today could have a very real effect on our economy at a time when it’s already fragile,” Obama said.
The Us-President Obama urged American lawmakers to pass his proposed American Jobs Act to boost U.S. economic growth, create jobs and “help guard against another downturn if the situation in Europe gets any worse.”
The US-President Obama said that because the world is increasingly interconnected, the sovereign debt crisis is already having an effect on the U.S. economy.
The President of the United States Obama also said that because American families and businesses and the U.S. government are coping with their own fiscal challenges, the United States cannot raise its level of imports and incur more debt as it has done in the past to help other economies when they were in trouble.
Over the last 20 years, the United States has been “the engine for world economic growth,” Obama said, serving as the purchaser and importer of last resort.
“We would stimulate our economies and our American consumers would buy stuff around the world. And so if they got into trouble, they could always say, ‘Well, we’re going to sell to the U.S.,’” Obama said.
But given current U.S. economic challenges, “Europe is not going to be able to export its way out of this problem,” Obama said. “They’re going to have to fix that problem.”
President Obama urged European leaders to come up with “a very clear, concrete plan of action” by the Group of 20 leading economies’ meeting November 3–4 in Cannes, France.
The President Obama said he speaks frequently with Merkel and Sarkozy and that both “want to act to prevent a sovereign debt crisis from spinning out of control, or seeing the potential breakup of the euro.” But he acknowledged that they face the difficult task of finding an agreement that would be approved by all European parliaments.
“What I’ve been seeing over the last month is a recognition by European leaders of the urgency of the situation. And nobody’s, obviously, going to be affected more than they will be if the situation there spins out of control. So I’m confident that they want to get this done,” President Obama said.
Treasury Secretary Timothy Geithner said October 5 that European countries have the financial resources to manage the debt crisis, and that it has just been “a question of moving more quickly and more forcefully” to address it.
“I expect you’re going to see them do that because I think the consequences of the alternative are too expensive for them to contemplate,” he said in remarks at the Newseum in Washington.
“Europe matters a lot to us. We don’t want to see Europe weakened by a protracted crisis. They understand that. They’ve invited us in, through the [International Monetary Fund] and directly through the substantial swap lines we have in place for dollar funding for European institutions,” he said.
European representatives largely have welcomed the U.S. support and advice, which Geithner said at times has been “very forceful and aggressive.” These European officials, he said, have been reminding the world that the United States has its own economic challenges to address.
“No one feels that more strongly than we do,” Geithner said, acknowledging that the American role in the global financial crisis has “caused enormous damage to our credibility in the world,” as well as the need for U.S. economic policy officials to participate in discussions with their global counterparts “from a position of extraordinary humility in the face of our challenges.”
US-President Barack Obama says the European sovereign debt crisis could hurt the U.S. economy, and he urged European leaders to “act fast” in support of Greece and other countries in the European Monetary Union that are having difficulty paying their debts.
Speaking to reporters at the White House October 6, 2011 Obama said financial uncertainty in Europe is the “biggest headwind the American economy is facing right now” due to its affect on global markets.
But the US-President Obama also expressed confidence that leaders such as German Chancellor Angela Merkel and French President Nicolas Sarkozy are mindful of the challenge and the need to coordinate a response.
“The problems Europe is having today could have a very real effect on our economy at a time when it’s already fragile,” Obama said.
The Us-President Obama urged American lawmakers to pass his proposed American Jobs Act to boost U.S. economic growth, create jobs and “help guard against another downturn if the situation in Europe gets any worse.”
The US-President Obama said that because the world is increasingly interconnected, the sovereign debt crisis is already having an effect on the U.S. economy.
The President of the United States Obama also said that because American families and businesses and the U.S. government are coping with their own fiscal challenges, the United States cannot raise its level of imports and incur more debt as it has done in the past to help other economies when they were in trouble.
Over the last 20 years, the United States has been “the engine for world economic growth,” Obama said, serving as the purchaser and importer of last resort.
“We would stimulate our economies and our American consumers would buy stuff around the world. And so if they got into trouble, they could always say, ‘Well, we’re going to sell to the U.S.,’” Obama said.
But given current U.S. economic challenges, “Europe is not going to be able to export its way out of this problem,” Obama said. “They’re going to have to fix that problem.”
President Obama urged European leaders to come up with “a very clear, concrete plan of action” by the Group of 20 leading economies’ meeting November 3–4 in Cannes, France.
The President Obama said he speaks frequently with Merkel and Sarkozy and that both “want to act to prevent a sovereign debt crisis from spinning out of control, or seeing the potential breakup of the euro.” But he acknowledged that they face the difficult task of finding an agreement that would be approved by all European parliaments.
“What I’ve been seeing over the last month is a recognition by European leaders of the urgency of the situation. And nobody’s, obviously, going to be affected more than they will be if the situation there spins out of control. So I’m confident that they want to get this done,” President Obama said.
Treasury Secretary Timothy Geithner said October 5 that European countries have the financial resources to manage the debt crisis, and that it has just been “a question of moving more quickly and more forcefully” to address it.
“I expect you’re going to see them do that because I think the consequences of the alternative are too expensive for them to contemplate,” he said in remarks at the Newseum in Washington.
“Europe matters a lot to us. We don’t want to see Europe weakened by a protracted crisis. They understand that. They’ve invited us in, through the [International Monetary Fund] and directly through the substantial swap lines we have in place for dollar funding for European institutions,” he said.
European representatives largely have welcomed the U.S. support and advice, which Geithner said at times has been “very forceful and aggressive.” These European officials, he said, have been reminding the world that the United States has its own economic challenges to address.
“No one feels that more strongly than we do,” Geithner said, acknowledging that the American role in the global financial crisis has “caused enormous damage to our credibility in the world,” as well as the need for U.S. economic policy officials to participate in discussions with their global counterparts “from a position of extraordinary humility in the face of our challenges.”
Keine Kommentare:
Kommentar veröffentlichen