Video: Barack Obama warns eurozone to focus on jobs and growth Mr Obama, whose re-election chances in November depend heavily on the US economy continuing to shake off recession, said there was now "an emerging consensus" that Europe ought to invest in job-creating infrastructure and other programmes at the same time as it tackles its deficits and debt. As all the leaders here today agreed, growth and jobs must be our top priority. A stable, growing European economy is in everybody's best interests, including America's," he said. "Put simply, if a company is forced to cut back in Paris and Madrid, that might mean less business for manufacturers in Pittsburgh or Milwaukee," Mr Obama added. The US president said his fellow G8 leaders from Britain, France, Germany, Italy, Japan, Russia and Canada recognised the painful sacrifices that people in Greece were enduring as a result of that country's economic pressures. While acknowledging there was still "a lot of work to do," he said the United States remained confident that Europe has the capacity to meet its economic challenges. " The direction the debate has taken recently should give us confidence," Obama said. David Cameron reiterated Mr Obama's message adding, "contingency plans need to be put in place and the strengthening of banks, governance, firewalls - all of those things need to take place very fast."