Eurozone crisis creates a headwind for global economy: US

WASHINGTON: Observing that economic performance in Europe is of great importance to the US, the White House has said the Eurozone crisis creates a headwind for the global economy, and as such any trouble there poses a challenge to the American economy.

"We believe that economic performance in Europe is of great importance to us here in the United States. The Eurozone crisis creates a headwind for the global economy, and we are obviously connected to the global economy, so trouble in the Eurozone presents a challenge to the American economy," the White House Press Secretary Jay Carney told reporters at his daily news conference yesterday.

Europe, he said, is an important trading partner, and their financial systems are deeply connected.

"As I've said in the past, European leaders have taken significant steps in implementing a firewall, establishing a firewall, and in various countries implementing reforms that are necessary. And we support those efforts," Carney said.

"More needs to be done, as we have said. And today, as you know, I believe, the G7 ministers and governors reviewed developments in the global economy and financial markets, and the policy response currently under consideration, including progress towards financial and fiscal union in Europe. They agreed to monitor developments closely, ahead of the G20 Summit in Los Cabos," he said.

Welcoming the heightened sense of urgency shown by the European leaders, the US official hoped to witness an accelerated European action over the next several weeks, including in the run-up to the aforementioned G20 leaders meeting in Mexico.