The Straits Times
Published on Aug 02, 2012

Hollande, Obama express 'common interest' in euro stability


PARIS (AFP) - United States (US) President Barack Obama and his French counterpart Francois Hollande backed European growth and euro zone stability on Wednesday, ahead of key decisions on resolving the debt crisis.

Speaking as the US Federal Reserve decided against adopting any new stimulus measures for a slowing US economy, the French president's office said the two leaders 'expressed their common interest in growth in Europe and the stability of the euro zone, which are necessary for the recovery of global economic activity.'

The European Central Bank (ECB) is meeting on Thursday as markets look for strong action to quell the euro zone crisis.

ECB chief Mario Draghi last week sent markets soaring with an unusually strong pledge to do 'whatever it takes' to save the crisis-wrecked euro.