G20 summit: leaders pledge to increase efforts to revive growth and employment A renewed emphasis on growth came at the end of a sometimes fraught two-day summit dominated by fears that Europe's debt crisis could plunge the global economy into another downturn. Countries in the eurozone will take a series of steps to increase "targeted investment, employment growth and competitiveness," according to a communique released by the G20. The measures will include the European Investment Bank making a series of investments designed to bring down unemployment that has spiralled across southern Europe over the last two years. The pledges are a victory for those G20 countries, including France and the US, which have been urging Germany to introduce policies to spur growth as much of Europe grapples with austerity measures. While financial markets have also been calling for Europe to temper the necessary efforts to cut budget deficits, investors are likely to be cautious until any measures are implemented. The summit in the Mexican beach resort of Los Cabos unfolded against the backdrop of a weakening global economy, as China slows and the momentum that the US enjoyed at the start of the year evaporates. It was not just Germany and France who last night agreed to do more to ensure the world economy avoids a second recession. In a rare official rebuke to the US, G20 countries urged The White House to avoid a "sharp fiscal contraction in 2013." Although Europe's debt crisis has been the largest shadow over the global economy and financial markets over the last two years, there is a growing anxiety that the US could botch its own effort to tackle the country's more than $15 trillion (£9.5 trillion) of debt. Federal Reserve chairman Ben Bernanke has warned that a series of spending cuts and tax rises that are due to take effect in early 2013 risk pushing the world's biggest economy off a "fiscal cliff." The reference to America's own debt also reflects the anger felt by EU officials here that the continent's debt crisis has been unfairly blamed for the easing of economic growth in recent months.