PM to push G-20 for eurozone ‘quick fix’
As G-20 leaders meet Monday in the shadow of an ailing global economy and lingering eurozone crisis, Prime Minister Manmohan Singh is expected to ask European leaders to devise swifter solutions so that growth in emerging markets like India is not adversely affected.
With global anxiety rising, Dr Singh, who has attended all six previous G-20 summits since its 2008 launch in Washington, is expected to prod European leaders along with US President Barack Obama to act swiftly and give world markets some confidence.
Dr Singh and Mr Obama have agreed on the importance of steps to strengthen the global economy’s resilience in response to persistent risks in eurozone and elsewhere, and to focus on measures boosting global growth.
Mr Obama telephoned Dr Singh on Thursday, a day after the India-US strategic dialogue, mainly to talk “about coordinating efforts” ahead of the G-20 summit.
While Mr Obama, Dr Singh and non-European G-20 leaders seek a “quick fix” by the 17-nation eurozone, it may not be smooth sailing.
German Chancellor Angela Merkel has vowed to resist calls for a quick eurozone recovery: she feels Europe must tackle its problems “at the roots” by lowering debt and raising competitiveness.
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