Posted 20.06.2012 07:22:10 UTC
Updated 20.06.2012 11:22:11 UTC
US President Barack Obama said that the European leaders realized the necessity of taking urgent and determined steps to defuse the debt crisis.
The euro zone crisis in Europe put its stamp on the G20 summit held in Los Cabs , Mexico. The joint declaration released at the completion of the summit said that the euro zone countries were going to take whatever measure is required to restore stability and unity and improve the finance markets.
The declaration lent support to the idea of proceeding to integration in the euro zone's banking system, pledging backing for the concrete steps planned to be taken for a more integrated financial structure.
The G20 leaders also decided to introduce measures to re-activate economic growth in the euro zone.
US President Obama told newsmen after the summit that the European leaders realized the gravity of the situation and were aware of the necessity of taking urgent action for the crisis not to assume more dangerous dimensions. He said further there was no miracle solution to quash the crisis in the next couple of months, adding that however every step taken would take Europe to more integration and not disintegration.