U.S. President Barack Obama met with world leaders at the G-20 summit in Mexico, which has largely been focused on reinvigorating a stagnant global economy threatened by the EU's persistent debt crisis.
The world is concerned about the slowing of growth that has taken place. A lot of attention has been centered on Europe, Obama said Monday.
Now is the time, as we've discussed, to make sure that all of us join to do what's necessary to stabilize the world financial system, to avoid protectionism, to ensure that we are working hand-in-hand to both grow the economy and create jobs, while taking a responsible approach long-term and medium-term towards our fiscal structures.
Although the summit is not expected to produce any concrete solutions to the debt crisis, European Commission President Jose Manuel Barroso called for world leaders to back the EU's initiatives to mitigate the problem, suggesting further bailouts for struggling economies such as Greece and Spain.
Barroso also made a point that European countries alone should not be blamed for the debt crisis.
This crisis [did not originate] in Europe. ... This crisis ... originated in North America, Barroso said.
And many of our financial sectors were contaminated by -- how can I put it -- unorthodox practice from some sectors of the financial market. But we are not putting the blame on our partners. What we are saying is let's work together when we have a global problem like the one we have today.