In an effort to quell a public war of words with European leaders ahead of next week’s G-20 London Summit, the Obama administration on Saturday appeared to back away from calls for other nations to mirror the United States in combating the financial crisis.
The European Union’s current head — Czech Republic Prime Minister Mirek Topolanek — last week described U.S. government-style spending as “the road to Hell.”
U.S. officials yesterday dismissed any notion of a rift, saying they would not press nations to adopt specific spending targets. “Nobody is asking any country to come to London to commit to do more right now,” said Deputy National Security Advisor for International Economic Affairs, Michael Froman.
Experts say the U.S. stance may reflect a recognition that the White House may simply not be able to convince their European counterparts to spend more. Some said it may herald a modest outcome for the summit. [via WaPo]
It seems that there is already a clear division of opinions among G-20 nations in the mechanisms that must be used to address the current financial crisis.
If the propensity from G-20 ministers to agree on critical issues is not there, then there isn’t much to be expected in terms of results and solutions from April 2 summit.