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White House sees ‘heightened urgency’ in Europe

WASHINGTON (AP) – The White House says it sees a “heightened sense of urgency” among European leaders as they confront fiscal and banking crises that threaten the U.S. economy and President Barack Obama’s re-election.

White House spokesman Jay Carney said Tuesday that Obama welcomes what he called “accelerated European action” to avoid a eurozone economic meltdown with potential global consequences.

Carney made his remarks after finance ministers and central bank presidents from the world’s seven wealthiest countries held an emergency conference call Tuesday to review policy options to shore up Europe’s financial situation.

Carney said the administration is looking for European leaders to move quickly over the next few weeks in advance of a summit in Mexico by the world’s 20 largest economies. He specifically cited efforts to boost the continent’s banking system.

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