http://www.bbc.co.uk/news/world-us-canada-15926346
Eurozone crisis: Debt fears loom at White House summit
Jose Manuel Barroso (l), Herman Van Rompuy (2nd l) around the table with Barack Obama (r), 28 November 2011 The meeting was the first since Van Rompuy was appointed after the Lisbon Treaty was passed
US President Barack Obama has hosted European Union leaders in a wide-ranging summit overshadowed by the EU debt crisis.
He met European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso for wide-ranging discussions.
Mr Obama said the US was "ready to do our part" to resolve the debt crisis.
The White House summit - the first with since Mr Van Rompuy took office - comes amid new fears of recession.
In a statement, the leaders acknowledged the economic difficulties facing both the US and the EU.
"We are committed to working together to reinvigorate economic growth, create jobs, and ensure financial stability," the statement said.
In its new forecast, the Organisation for Economic Co-operation and Development (OECD) says the eurozone economy is contracting and argues the European Central Bank must take action.
The eurozone and UK could be entering a recession, the OECD warned on Monday as it cut its global growth forecast.
The US administration has expressed concerns that the eurozone crisis could damage the US economy.
But world markets were up on Monday in response to reports of a proposed fiscal union that would set binding limits on eurozone government borrowing.
Outspoken Geithner
Mr Obama has been in regular contact with German Chancellor Angela Merkel and French President Nicolas Sarkozy in recent weeks, but Monday's summit affords another opportunity to press European leaders to come to an agreement and prevent further shocks to the world economy.
Continue reading the main story
“Start Quote
Europe has the resources and capacity to deal with it and they need to act decisively and conclusively to resolve this problem”
Jay Carney White House press secretary
Correspondents say that Mr Obama's ability to avoid contagion from the eurozone and to bring down US unemployment is critical for his re-election campaign in 2012.
Mr Obama has not been publicly outspoken on what European leaders should do about the mounting crisis, limiting his remarks to the idea that the crisis requires "some tough decisions".
While the summit was under way on Monday, White House spokesman Jay Carney said the president was confident Europe had the capability to deal with the situation.
"Europe has the resources and capacity to deal with it and they need to act decisively and conclusively to resolve this problem," he said.
US Treasury Secretary Timothy Geithner has often warned of the dangers of failing to take action, urging Europe to find political will.
"Even if you take a very conservative, pessimistic estimate of the ultimate cost of resolving this crisis for Europe, it is completely within the capacity of the stronger members of the euro area to absorb those costs," Mr Geithner said in September.
Mr Geithner has urged European heads of state to create a "firewall" against a spreading crisis.
But contagion fears have been exacerbated by recent developments, including the cost of Italy's borrowing jumping to 8% last Friday, and a disappointing German bond sale on 23 November.
The governments of Italy and Greece have seen political shifts due to the crisis, with prime ministers in both countries replaced and "technocratic" governments installed.
Eurozone crisis: Debt fears loom at White House summit
Jose Manuel Barroso (l), Herman Van Rompuy (2nd l) around the table with Barack Obama (r), 28 November 2011 The meeting was the first since Van Rompuy was appointed after the Lisbon Treaty was passed
US President Barack Obama has hosted European Union leaders in a wide-ranging summit overshadowed by the EU debt crisis.
He met European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso for wide-ranging discussions.
Mr Obama said the US was "ready to do our part" to resolve the debt crisis.
The White House summit - the first with since Mr Van Rompuy took office - comes amid new fears of recession.
In a statement, the leaders acknowledged the economic difficulties facing both the US and the EU.
"We are committed to working together to reinvigorate economic growth, create jobs, and ensure financial stability," the statement said.
In its new forecast, the Organisation for Economic Co-operation and Development (OECD) says the eurozone economy is contracting and argues the European Central Bank must take action.
The eurozone and UK could be entering a recession, the OECD warned on Monday as it cut its global growth forecast.
The US administration has expressed concerns that the eurozone crisis could damage the US economy.
But world markets were up on Monday in response to reports of a proposed fiscal union that would set binding limits on eurozone government borrowing.
Outspoken Geithner
Mr Obama has been in regular contact with German Chancellor Angela Merkel and French President Nicolas Sarkozy in recent weeks, but Monday's summit affords another opportunity to press European leaders to come to an agreement and prevent further shocks to the world economy.
Continue reading the main story
“Start Quote
Europe has the resources and capacity to deal with it and they need to act decisively and conclusively to resolve this problem”
Jay Carney White House press secretary
Correspondents say that Mr Obama's ability to avoid contagion from the eurozone and to bring down US unemployment is critical for his re-election campaign in 2012.
Mr Obama has not been publicly outspoken on what European leaders should do about the mounting crisis, limiting his remarks to the idea that the crisis requires "some tough decisions".
While the summit was under way on Monday, White House spokesman Jay Carney said the president was confident Europe had the capability to deal with the situation.
"Europe has the resources and capacity to deal with it and they need to act decisively and conclusively to resolve this problem," he said.
US Treasury Secretary Timothy Geithner has often warned of the dangers of failing to take action, urging Europe to find political will.
"Even if you take a very conservative, pessimistic estimate of the ultimate cost of resolving this crisis for Europe, it is completely within the capacity of the stronger members of the euro area to absorb those costs," Mr Geithner said in September.
Mr Geithner has urged European heads of state to create a "firewall" against a spreading crisis.
But contagion fears have been exacerbated by recent developments, including the cost of Italy's borrowing jumping to 8% last Friday, and a disappointing German bond sale on 23 November.
The governments of Italy and Greece have seen political shifts due to the crisis, with prime ministers in both countries replaced and "technocratic" governments installed.