Solving Europe’s financial crisis is the most important task facing G20 leaders meeting in Cannes, according to Barack Obama.
Like his French counterpart Nicolas Sarkozy, the US leader is facing a presidential election next year. Both are keen to work together, with Sarkozy indicating, for example, progress in his push for a financial transaction tax.
“I would like to pay tribute to President Obama’s understanding of issues, including a financial transaction tax, where we compared our points of view,” Sarkozy told a joint press conference at the French Riviera resort. “I think we have a common analysis on how to get the world of finance to contribute to resolving today’s crisis.”
Our correspondent in Cannes, Stefan Grobe, says: “Obama arrived with a smile and the demand that Europe and Greece do their homework, since the impact of the crisis is hitting the US economy more and more. Apart from that, Obama has not much to offer. He has massive problems at home and a Congress that is anything but cooperative now that the election campain is about to start. Nevertheless, Europeans and Americans have no choice but to succeed – otherwise the debt crisis will turn increasingly into a global economic crisis.”