G8 leaders wrapped up their summit at Camp David Saturday with a final statement that pegged economic growth and job creation in Europe as top priorities.
The statement, a joint declaration by the leaders of the world's eight richest nations, acknowledged that while the global economic recovery shows signs of promise, significant challenges lie ahead.
The statement said that while leaders agreed to take "all necessary steps to strengthen and reinvigorate our economies and combat financial stresses," they also recognized that "the right measures are not the same for each of us."
Leaders agreed that they support structural reforms and investments in education and in modern infrastructure, as ways to raise productivity and growth in the region.
U.S. President Barack Obama spoke of the importance of economic stability in the Eurozone to U.S. interests at a press conference at the close of the summit.
"A stable, growing European economy is in everyone's best interest, including America's," he said.
While Obama said that economic recovery in the Eurozone is possible, citing America's own recovery as an example, he recognized the unique challenges that complicate the European process.
"Europe's situation of course is more complicated. They got a political and economic crisis facing Greece, slow growth and very high unemployment in several countries," he said.
"What's more, when they want to decide on a way to move forward, there are 17 countries in the Eurozone that need to come to an agreement. We recognize that and we respect that."
While Obama recognized past efforts to address the crisis, he said that at the summit leaders acknowledged that "more must be done to promote growth and job creation right now."
Obama added that leaders "affirmed their interest" in Greece remaining in the Eurozone, while "respecting its commitments."
At his own press conference Saturday evening, Prime Minister Stephen Harper said the focus on austerity measures during the G20 summit in Toronto two years ago was warranted. At that time, participating countries agreed to cut their deficits in half by 2013.
"Fiscal discipline and economic growth go hand and hand. All of our discussions recognize that," Harper said. "Fiscal discipline is not sufficient for economic growth, but it is absolutely necessary."
G8 leaders also discussed a number of international issues, including Iran, Syria and North Korea, said Obama.
Leaders attending the summit at the president's holiday retreat spent a good part of Saturday talking about the European financial crisis, saying earlier in the day that debt levels remain too high.
That was probably the best they could muster considering differing opinions around the table, especially from France's new President Francois Hollande, on what should be done to rebuild embattled EU economies.
Harper sided with German Chancellor Angela Merkel, arguing that stimulus spending, higher taxes on the wealthy and corporations -- advocated by Hollande -- weren't a panacea for the Eurozone's problems.
Harper told G8 members the best way to boost economies is through free trade deals, something Canada is currently working on with the 17-member EU, CTV's Ottawa Bureau Chief Robert Fife said Saturday.
Merkel was adamant that struggling EU countries like Greece, Spain, Italy and France must deal with their debt load to get their economies back on track.
"The hardest hit countries have to get their debt under control and they can't keep relying on Germany to give them money" was the message she delivered, Fife told 麻豆影视 Channel from Chicago.
Harper also backs measures to reform employment insurance and immigration, Fife said.
Economic experts worry that if Greece leaves the EU following elections next month and defaults on its loans, banks in seriously indebted countries like Spain and Italy could collapse and lead to a much wider global crisis.
Harper, one of the longest-serving leaders at the summit, arrived on a wave of good news. A new report ranks Canada first when it comes to G8 countries fulfilling pledges made at international summits.
Some of the leaders, including Harper and Obama, will next attend a summit of the North Atlantic Treaty Organization (NATO) in Chicago, where the first priority will be the future of Afghanistan.
The NATO summit will deal largely with keeping the Afghan military functioning and the Taliban out of power when international troops withdraw in 2014.
The U.S. doesn't want to be entirely on the hook for the estimated $4.1 billion it will cost to sustain Afghan security forces.
Australia, Great Britain and Germany have already contributed money toward that package.
Fife said it's likely Canada will agree to commit between $100 million and $120 million.
Meanwhile, police had cordoned off parts of Chicago in anticipation of a massive protest scheduled for Sunday. Hundreds of demonstrators took to the streets Saturday night. However, tens of thousands of people are expected to rally against the meetings as leaders gather on Sunday.
With files from The Canadian Press
