(MENAFN- Kuwait News Agency (KUNA)) US President Barack Obama said the state of the economy in Europe will produce "continued headwinds" over the next several months but the euro will remain intact.
"Europe is still a challenge, and a lot of people in this room who have business in Europe understand that," Obama said during a campaign event in New York City, late on Monday, attended by several powerful Wall Street executives.
"I do not think ultimately that the Europeans will let the euro unravel," the President said. "But they are going to have to take some decisive steps."
Obama said he was "spending an enormous amount of time trying to work with them -- and (U.S. Treasury Secretary) Tim Geithner is spending a lot of time working with them -- to recognize that the sooner they take some decisive action, the better off we are going to be." The President, whose re-election prospects are likely to be determined by global and domestic economic developments between now and November, said his economic decisions, which included a massive stimulus package, provide a contrast to the situation in Europe.
"The fact that we took some decisive action in 2008 and 2009, despite its unpopularity, indicates what we avoided -- this chronic bleeding wound that has been an enormous problem not just for Europe now, but for the entire global economy," he said.
"So if we can stabilize Europe, position ourselves on education, on science and technology, on energy and a few other pieces of unfinished business like comprehensive immigration reform, then there is no reason why America should not thrive in the decades to come," he added.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.