Singh, Obama to work together to boost global growth | SupportBiz

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Singh, Obama to work together to boost global growth

 
US President Barack Obama and Indian Prime Minister Manmohan Singh have agreed to work together for strengthening the 'resilience of the global economy' to deal with the Eurozone shocks and boost global growth.

The two leaders 'agreed on the importance of steps to strengthen the resilience of the global economy in response to persistent risks in the Eurozone and elsewhere, and on focusing on measures to boost global growth', the White House said in a readout of Obama's telephone call to Manmohan Singh on June 14.

Both the leaders have also agreed to work together to ensure a successful summit of the G20 major economies in Los Cabos, Mexico, to be held on June 18-19, and which is likely to focus on the European debt crisis.

Obama also spoke separately on June 13 with European Council President Van Rompuy and Mexican President Felipe Calderon to discuss the economic situation in Europe as well as about the preparations for the Los Cabos summit.

"This continues the president's close consultations with fellow Leaders about the global economy," the White House said.

The Eurozone exists as an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro as their common currency and sole legal tender. Its member states comprise Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.