G8 splits over stimulus versus austerity

At the G8 summit held at Campd David, United States, 18-19 May 2012 leaders vowed to 'strengthen and reinvigorate' their economies while pointedly 'recognising' that each country might pursue different policy paths in a statement that reflected the enduring split between proponents of greater stimulus or austerity.

US President Barack Obama said there was an 'emerging consensus' that European countries must now focus on jobs and growth.

In addition to the eurozone crisis, G8 leaders discussed Iran, Afghanistan and global energy supply.

France24 reported that President Francois Hollande’s call for growth won him some powerful allies as he battled against Germany’s insistence on austerity.

website: G8 Summit, Camp David, 18-19 May 2012. Official website http://www.state.gov/e/eb/ecosum/2012g8/index.htm

US Department of State: G* Summit, May 2012: Camp David Declaration, 19 May 2012 http://www.state.gov/e/eb/rls/othr/2012g8/190396.htm

[Website]: University of Toronto: G8 Information Centre http://www.g8.utoronto.ca/

Wikipedia: 38th G8 summit http://en.wikipedia.org/wiki/38th_G8_summit

ESO: Background information: The last chance to rescue the euro http://www.europeansources.info/record/the-last-chance-to-rescue-the-euro/

BBC News, 20.5.12: Obama: Eurozone 'must focus on jobs and growth' http://www.bbc.co.uk/news/world-us-canada-18135042

Deutsche Welle, 19.5.12: Global economy dominates G8 talks at Camp David http://www.dw.de/dw/article/0,,15962513,00.html

France24, 20.5.12: Hollande turns tide against Merkel's austerity http://www.france24.com/en/20120519-hollande-g8-barack-obama-camp-david-angela-merkel-france-united-states-germany

E!Sharp, May 2012: A real transatlantic marketplace? http://esharp.eu/

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