EU reform plan wins G20 backing
Europe won support from world leaders last night for an ambitious but slow-moving overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis that threatens the world economy.
Europe told a Group of 20 summit it intends to work on concrete steps to integrate its banking sectors, a major step long pressed by the United States and other nations to break the cycle of debt-laden countries bailing out their troubled banks which only pushes governments ever deeper into debt.
US president Barack Obama said the sense of urgency amongst European leaders was clear and they knew what steps were needed to "break the fever" of an escalating debt crisis.
"None of them are going to be a silver bullet that solves this thing entirely ... in the next week or two weeks or two months, but each step points to the fact that Europe is moving towards further integration rather than break-up," Mr Obama told reporters at the end of the two-day summit in a Pacific resort.