President Barack Obama visited Cannes, France on November 3-4 for a meeting of the G-20, a gathering of the world's 20 major economies, where he delivered remarks at a press conference following the summit.
President Obama said, "Over the past two years, those of us in the G-20 have worked together to rescue the global economy, to avert another depression, and to put us on the path to recovery. But we came to Cannes with no illusions. The recovery has been fragile. And since our last meeting in Seoul we've experienced a number of new shocks -- disruptions in oil supplies, the tragic tsunami in Japan, and the financial crisis in Europe.
"As a result, advanced economies, including the United States are growing and creating jobs, but not nearly fast enough. Emerging economies have started to slow. Global demand is weakening. Around the world, hundreds of millions of people are unemployed, or underemployed. Put simply, the world faces challenges that put our economic recovery at risk.
"So the central question coming into Cannes was this: Could the world's largest economies confront this challenge squarely -- understanding that these problems will not be solved overnight, could we make progress? After two days of very substantive discussions I can say that we've come together and made important progress to put our economic recoveries on a firmer footing."
President Obama continued, "All of us have an enormous interest in Europe's success, and all of us will be affected if Europe is not growing -- and that certainly includes the United States, which counts Europe as our largest trading partner. If Europe isn't growing, it's harder for us to do what we need to do for the American people: creating jobs, lifting up the middle class, and putting our fiscal house in order. And that's why I've made it clear that the United States will continue to do our part to support our European partners as they work to resolve this crisis.
"More broadly, we agreed to stay focused on jobs and growth with an action plan in which each nation does its part. In the United States, we recognize, as the world's largest economy, the most important thing we can do for global growth is to get our own economy growing faster. Back home, we're fighting for the American Jobs Act, which will put people back to work, even as we meet our responsibilities to reduce our deficit in the coming years."
The summit produced several documents including an Action Plan, a Declaration, and a Communique. The White House also released several fact sheets on Growth and Jobs, Common Global Challenges, and U.S. Financial Reform and the G-20 Leaders' Agenda.
You can read the President's full remarks here.