Obama discusses European markets with Merkel, Sarkozy

WASHINGTON (BestGrowthStock) – President Barack Obama consulted the leaders of Germany and France on Sunday on jittery European financial markets and the need for European leaders to take steps to build confidence in the markets.

Obama spoke first by phone with German Chancellor Angela Merkel and later with French President Nikolas Sarkozy. It was his second conversation in three days with Merkel.

White House spokesman Bill Burton said the phone conversation with Merkel was part of Obama’s “ongoing engagement with European leaders with regard to the economic situation there.”

“They discussed the importance of the members of the European Union taking resolute steps to build confidence in the markets,” Burton said.

After the talks with Sarkozy, the White House issued a nearly identical statement describing the conversation, different only in saying that Obama and Sarkozy had “agreed” on the need for European steps to build confidence in the markets.

Finance ministers from the 27 European Union member states met in Brussels on Sunday to try to agree on a mechanism for helping EU countries stave off future debt troubles in the wake of Greece’s debt crisis, which contributed to a sharp tumble in the U.S. stock market last week.

Stocks

(Reporting by Steve Holland, editing by Jackie Frank and Bill Trott)

Obama discusses European markets with Merkel, Sarkozy