Obama sets EU's economic priorities

US President Barack Obama has promised to give the European Union Washington's support in the battle against the debt crisis. The United States was ready to "do its part", Obama said after a summit meeting with EU representatives on Monday in the White House. But the EU can only expect help if it adopts Obama's priorities, the left-liberal daily La Repubblica points out: "Firstly, growth must be promoted, secondly jobs must be created and thirdly financial stability must be guaranteed. In this order the priorities were laid down in the final declaration of the talks. They were clearly dictated by Barack Obama, and with this list the US president is deliberately turning the list of measures set by the financial markets upside down. Because budget cuts inevitably lead to a recession and Obama knows that in a recession the burden of sovereign debt inevitably grows because the gross domestic product drops, which determines the real economy's capacity to balance out the difference. This is why Obama has extracted a further key decision from the summit: the establishment of a special USA-EU working group to chart out joint strategies for growth and jobs."

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