While U.S. President Barack Obama will be gunning for more economic stimulus measures at this weekend's Group of 20 (G20) meeting in Canada, European lawmakers continue drastic efforts to rein in spending.
The coordination of global efforts to promote economic recovery will be the main issue at the weekend's meeting, which was set to spotlight the value of China's currency before Beijing announced Saturday that it would allow the yuan to appreciate. The United States and Europe’s differing views on the most effective strategies to maintain global economic growth and slash bloated government budgets are increasing tensions between leaders.
"The economy is still struggling. There is not enough growth in the near-term to get the unemployment rate down," said Jeffrey Bergstrand, a professor of finance at the University of Notre Dame. "A [U.S.] focus on trimming the deficit is not likely to happen anytime soon."