Merkel said growth and deficit-cutting reinforced
Coping with shaky oil markets, the louis vuitton handbags leaders set the stage for a united release of world oil reserves to balance any disruption in world markets when tough new sanctions are imposed on Iran's exports because of its disputed nuclear program. The leaders said they were ready to take "appropriate action" to meet any shortages. The mere preparation to release oil reserves could help calm markets and ensure that oil prices, which have been dropping, don't climb again and anger consumers as U.S. elections approach. The Group of Eight summit includes leaders of the United States, Japan, Britain, Germany, France, Italy, Canada and Russia.A joint summit statement reflected how urgently the countries must contain a financial crisis that could spread from the eurozone to the United States and infect the rest of the global economy. They declared unanimity in ensuring that Greece, which is crippled in debt and politically gridlocked, remains as part of the 17-member euro currency union. "The leaders here understand the stakes," Obama said in summing up a packed, unusually intimate day of world talks. "They know the magnitude of the choices they have to make and the enormous political and economic and social costs if they louis vuitton scarves don't." Merkel said growth and deficit-cutting reinforced each other and that everyone around the table agreed. "That is great progress," she said. As for promoting growth, she said investments under consideration include research and development, Internet networks and infrastructure. But she said "this doesn't mean stimulus in the usual sense." U.S. officials agreed, saying growth measures that the Europeans might pursue don't all require outright public spending, and could be in the form of public-private partnerships or in initiatives designed to loosen credit. And the leaders stayed away entirely from the world "stimulus," which has taken on an unpopular political connotation, including in the United States. "The global economic recovery shows signs of promise, but significant headwinds persist," louis vuitton sunglasses 2012 said G-8 leaders said.