At the G20 summit at Los Cabos in Mexico European leaders are coming under increasing pressure from the rest of the world to come up with a lasting strategy to secure the euro.
A draft communique prepared for the heads of state and government said Europe will take ‘all necessary policy measures’ to ensure the stability and integrity of the euro zone, and called on the vicious circle linking sovereign states and banks to be broken.
Gérard Worms, President of the International Chamber of Commerce in Paris told euronews: “The wording of the final (G20) declaration will be very important. There is no possibility other than accepting the (budget) disciplines, and after that, building instruments for growth.”
The US president Barack Obama asked to meet European leaders, highlighting just how worried Washington is that the euro crisis could deepen, and thus put the brakes on the fragile American economic recovery.