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People's Daily Online>>Foreign Affairs

G-20 Summit cannot help EU out of debt crisis (2)

By Li Xuejiang (People's Daily Online)

17:19, February 24, 2012

Li Xuejiang: What problems, do you think, this Summit is intended to and could resolve?

Preyma: The June Summit will likely focus on the ongoing European sovereign debt crisis, and more importantly, the effects on other economies such as the emerging markets worldwide. A solution for the actual debt crisis may not be worked out at the Summit, but mitigating the effects on the emerging markets such as macroeconomic policy will be discussed.

Li Xuejiang: What issue is the United States most concerned with?

Preyma: As it is an election year in the United States and it has its own issues to contend with, the United States is not going to spend a lot of time offering help to Europe. Leaders there believe that it needs an internal solution. The U.S. will be concerned with its ballooning deficit and therefore the issues that impact that deficit such as trade imbalances and as always, currency policies. President Obama does not care for these Summits. He does not see the need for them and therefore does not play as active of a role in them as his predecessors.

Li Xuejiang: Are there any specific issues the United States will push China to do?

Preyma: The main issue will be the trade imbalance and China’s currency. As always, they will push China to allow its currency to float freely.

Li Xuejiang: Do you think the Summit could help the European Union to get out of its Sovereignty Debt crisis?

Preyma: Participants are divided in whose role it is to help the EU. Some like the United States believe that only Europe can fix its own problems. Others believe that when all band together to help one another, a solution can present itself and they will all be better off for it. With the United States on the sidelines on this issue, there is not much likelihood that a solution will be found at the Summit. But there will be no shortage of countries telling Europe what to do.

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