The FINANCIAL — WASHINGTON. U.S. President Barack Obama discussed on May 9 the economic situation in Europe with German Chancellor Angela Merkel, the White House's national press secretary said, according to RIA Novosti.
"They discussed the importance of the members of the European Union taking resolute steps to build confidence in the markets," Bill Burton said.
Finance ministers from 27 EU countries are meeting on Sunday in Brussels to discuss measures for coping with the financial crisis. The meeting follows an agreement by the leaders of the Eurozone countries to offer 80 billion Euros in financial aid to Greece.
As well as being a formal confirmation of finance ministers' support of the financial aid package, the summit aims to restore confidence in the European monetary union.
EU leaders said they would commit themselves to controlling and monitoring fiscal discipline and strengthening measures to regulate the financial sector.