“What I have heard from European leaders during these discussions, they understand the stakes, they understand why it’s important for them to take bold and decisive action, and I am confident they can meet those tests,” President Obama said.
The Summit showed a good progress helping Europe paint a picture of where they need to go.
President Obama said that while there was no “silver bullet” to solve Europe’s crisis, “each step points to the fact that Europe is moving towards further integration rather than break-up”.
The leaders at the Summit agreed to work together to maintain stability in the Eurozone and to help the upcoming Greek’s government towards reform and sustainability.
“We support the intention to consider concrete steps towards a more integrated financial architecture,” said a joint statement from the Summit.
Meanwhile, the “Brics” economies (Brazil, Russia, India, China and South Africa) also pledged to increase their contribution to the IMF, which has been seeking too boost is finances to prevent any future financial crisis.
Each “Bric” nation agreed to contribute USD 10bn each to the IMF in exchange for voting reforms for strengthening their influence in the organization.
China also pledged $43bn (£27bn) to the IMF’s crisis intervention fund, which has almost doubled to $456bn (£366bn).
The funds would be released by the IMF if the Eurozone crisis gets out of hand.