European leaders are calling on the U.S. to be sure and steer clear of the “fiscal cliff” coming at the end of the year, for the good of the global economy.
While European nations are grappling with a debt crisis on their own continent, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy are also concerned about fiscal struggles afflicting other nations, in particular the United States and Japan.
In a letter sent to all members of the European Union, the two called for the others to adopt “credible medium-term fiscal consolidation plans.” The letter came in advance of a June meeting of the G20 powers in Mexico.
“Whilst we are firmly focused on playing our part, at Los Cabos all other G20 partners should also recognise their responsibilities in building a sustainable recovery,” they wrote. “In this regard, the EU should urge the US and Japan to implement credible medium-term fiscal consolidation plans, in particular to avoid the ‘fiscal cliff’ in the US at the end of the year.”