President Obama favors Europeans adopting a stimulus package similar to the one he instigated in the U.S. in 2009, as does Hollande. They both also favor keeping the euro zone intact, including Greece, though this may in the end prove difficult.
The communique said: "We welcome the ongoing discussion in Europe on how to generate growth, while maintaining a firm commitment to implement fiscal consolidation to be assessed on a structural basis. We agree on the importance of a strong and cohesive euro zone for global stability and recovery, and we affirm our interest in Greece remaining in the euro zone while respecting its commitments."
After three years of facing European leaders committed to deficit reduction, Obama has a new ally in Hollande. Speaking at Camp David, Hollande said European leaders were trying to balance the competing aims of reining in their budgets while stimulating their economies: "As President Obama noted, we need to pursue these two goals simultaneously: budgetary solvency and maximum growth."
President Obama and U.K. Prime Minister David Cameron clashed with Chancellor Merkel on Saturday, demanding she drop her G-8 resistance to setting out a clear path for Europe out of its crisis. Measures resisted by the Germans included a looser monetary policy for the European Central Bank that would enable quantitative easing similar to that deployed by the Federal Reserve and the Bank of England.
Intellpuke: You can read this article by Guardian Washington, D.C., Bureau Chief Ewen MacAskill in context here: www.guardian.co.uk/world/2012/may/19/g8-summit-greece-us-france-germany