The G8 summit at Camp David has wrapped up with a determination from the world’s major economic powers to concentrate their energies on job creation and economic growth. They recognized the threat that another manufactured energy crisis would have (negative results and further slow economic growth), then re-committed to look at an "all of the above" approach to energy with a short, mid, and long term strategy. To support the growth initiative, a new willingness to open the world’s oil reserves, if needed, has been achieved.
One of the major pain points in the world's effort to reduce debt and increase growth has been steep austerity measures imposed upon, and by, numerous nations. Citizen's struggle and near depression level unemployment levels in some nations led to electoral changes and a movement away from austerity-only stabilization, with a renewed energy for a more balanced approach to the challenge. German Chancellor Angela Merkel, the leading austerity advocate remaining in office, signaled her tepid support by stating the need to “work on both threads.”
The leaders also recognized that bailed out nations must continue to honor their commitments and additional time may be needed as those countries develop a growth plan that also accommodates cuts. Because the leaders have a different view on the direction each nation should take to foster growth and bring down debt, they agreed that each nation should be responsible for developing its own course of action.
Obama stated, “All of us are absolutely committed to making sure that both growth and stability and fiscal consolidation are part of an overall package that all of us have to pursue in order to achieve the kind of prosperity for our citizens that we're looking for."
There are numerous challenges facing all world leaders in the near future, including the real potential of Greece’s exit from the euro zone. All leaders acknowledged that would not be an optimal solution for Greece or the euro zone.
The consensus of the G8 is to refocus on growth and maintain the austerity path that has been set forth. It will be up to each individual nation to find the balance as the world continues to teeter on the brink of another major worldwide recession. How this will play out once implemented in European nations remains to be seen.
The focus is now on NATO as many of the leaders leave the seclusion of Camp David and head to Chicago where protesting has already begun.