G7 pledges to closely monitor eurozone debt crisis

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Top economic officials from the Group of Seven (G7) major industrialized countries on Tuesday pledged to continue to closely monitor the development of the eurozone debt crisis, as the escalating crisis keeps weighing on global financial markets.

The G7 finance ministers and central bank governors, at a conference call, "reviewed developments in the global economy and financial markets and the policy response under consideration, including the progress towards financial and fiscal union in Europe," the U.S. Treasury said in a statement on Tuesday.

They agreed to monitor developments closely ahead of the G20 summit in Los Cabos, Mexico, according to the statement issued after the conference call.

Leaders of the Group of Eight (G8) last month stressed the importance of a strong and cohesive eurozone for global stability and recovery, as they discussed global economic issues at Camp David in the United States.

However, the G7 nations Tuesday failed to announce concrete measures to cope with the ongoing banking crisis in Spain and potential risk from Greece's exit from the currency bloc.

The United States pressed for accelerated action from the European nations in coming weeks to contain the two-year-old crisis, White House spokesman Jay Carney said Tuesday at the daily briefing.

The Obama administration saw European leaders were acting with a "heightened sense of urgency" to tackle the eurozone debt crisis, Carney made the remarks after G7 finance ministers and central bank heads conducted the emergency conference call.

A movement to strengthen the European banking system will be of particular importance, Carney added.

Obama on Tuesday spoke by phone with British Prime Minister David Cameron, continuing their close consultations on issues of mutual concern including the economic situation in Europe as well as preparations for the G20 summit in Los Cabos, the White House said in a separate statement.

The Obama administration was in close contact with European nations to address the eurozone debt turmoil, as the possible financial markets meltdown would dim the prospects of U.S. President Barack Obama's reelection bid in November.

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