Obama Applauds European Economic Efforts

 LOS CABOS, MEXICO - President Barack Obama is welcoming statements by Europe's major economic powers that they will work toward a plan for growth and an integrated banking¹ system.  The president spoke² Tuesday, at the end of the annual Group of 20 economic summit in the Mexican resort of Los Cabos.

 President Obama says the leaders of Europe's G20 countries answered the concerns of world markets about their willingness to do what is required to hold the euro currency zone together.

“Over the last two days, European leaders here in [Los] Cabos have made it clear that they understand the stakes, and they pledged to take the actions needed to address this crisis and restore confidence, stability and growth," said President Obama.

The president returns to Washington with an indication from the European leaders that they will make a coordinated³ effort to promote economic growth, something Mr. Obama and several other leaders have been urging.

Growth and job creation are mentioned very early in the G20 leaders' statement at the end of the summit.

“I welcome the important steps that they have already taken to promote growth, financial stability and fiscal⁴ responsibility," said Obama.

The statement of unity⁵ was intended to reassure⁶ world markets, which appear worried about Greece's effort to form a coalition⁷ government and a bank bailout for Spain. 

German Chancellor⁸ Angela Merkel has been under increasing pressure to endorse⁹ the job creation approach and retreat somewhat from the budget cuts she has been advocating for European nations burdened by vast debt.

President Obama's re-election could depend, in part, on the outcome of the eurozone situation.  The state of the economy will be one of the main issues in this year's campaign, and the administration says the euro crisis is one of the factors holding back America's economic recovery.

The president stressed to the European leaders in Los Cabos that the eurozone crisis is affecting the U.S. economy, as well as those in other parts of the world.

Under pressure from Mr. Obama and other leaders, Europe's G20 members also agreed to move toward a more integrated banking system,  including a common regulatory system and insurance for depositors.  They did not say how long it would take.

U.S. Undersecretary of the Treasury¹⁰ Lael Brainard told reporters Monday that Europe is making progress toward a resolution, but she advised being patient.

“Some of the medium-term reforms that they are talking about involve a really very significant step forward on integration," said Brainard. "And so these are moves that are going to require political reforms, as well as financial reforms, and so, you know, they will take some time.”

In addition to talking with European leaders on Tuesday, President Obama met with Chinese President Hu Jintao.  Before the meeting, Mr. Obama said job creation and the situation in Syria would be among the items discussed.

China has pledged to contribute $43 billion to the International Monetary¹¹ Fund's emergency bailout fund.  Fellow emerging economies India, Brazil and Russia have promised $10 billion each, bringing the fund's total to $456 billion.

Mr. Obama also met Tuesday with Turkish Prime Minister Recep Tayyip Erdogan.  The White House says they discussed moving Syria toward a peaceful political transition that leads to democracy, among other issues.

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

3 coordinated   

adj.协调的

参考例句：

• The sound has to be coordinated with the picture. 声音必须和画面协调一致。
• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法

4 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

5 unity   

n.团结，联合，统一；和睦，协调

参考例句：

• When we speak of unity,we do not mean unprincipled peace.所谓团结，并非一团和气。
• We must strengthen our unity in the face of powerful enemies.大敌当前，我们必须加强团结。

6 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

7 coalition   

n.结合体，同盟，结合，联合

参考例句：

• The several parties formed a coalition.这几个政党组成了政治联盟。
• Coalition forces take great care to avoid civilian casualties.联盟军队竭尽全力避免造成平民伤亡。

8 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

9 endorse   

vt.(支票、汇票等)背书，背署；批注；同意

参考例句：

• No one is foolish enough to endorse it.没有哪个人会傻得赞成它。
• I fully endorse your opinions on this subject.我完全拥护你对此课题的主张。

10 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

11 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。