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"We, the European Union and the United States, have the strongest trade and economic relationship in the world. We, therefore, both need to take strong action to address the near-term growth concerns as well as fiscal and financial vulnerabilities, in order to strengthen the world economy. It is no secret that the European Union is going through a difficult period. It is confronted with a confidence crisis, aggravated by the slowdown in global economic growth.
"The EU has done a lot over the last 18 months. We have taken decisions that were unthinkable just a year ago in the fields of economic governance on budgets and imbalances, financial support and financial regulation. All Member States of the EU are all engaged in policies of fiscal consolidation and strengthening competitiveness via comprehensive reforms. But we need to do more. We are therefore working hard on three fronts: dealing with the immediate crisis, the medium term, while also establishing a sound perspective for the longer term.
"Improving fiscal sustainability is essential but is not enough. Promoting growth and employment is a challenge we share with the US. The EU is following a two-track approach on growth: We want to strengthen fiscal sustainability, while at the same time stimulating economic growth and employment by launching reforms, raising competitiveness and deepening the Union’s single market, the largest in the world. But slower global growth is not only due to the problems in the eurozone. Others have to do their part of the job too, for instance on exchange rate and on implementing the commitments made in Cannes earlier this month."