US President Barack Obama has said his country stands ready to do its part to help Europe solve its deepening debt crisis, following a summit with EU leaders at the White House. Obama said Europe''s financial success was crucial to the US economy. "This is of huge importance to our economy.
If Europe is contracting, or if Europe is having difficulties, then it''s much more difficult for us to create good jobs here at home," he said.

Obama hosted European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, High Representative Catherine Ashton and other officials for talks dominated by the eurozone crisis.

In a joint statement both sides said they would take "all necessary steps" to end the continent''s debt crisis. Van Rompuy said slower global growth is not solely due to the European Union and that other nations must act.

During the summit, the US and the EU forged a high-level group to promote jobs and growth, that will be staffed by the European Commissioner for Trade and the US Trade Representative.
Source: BNA