Readout of the President's Call with German Chancellor Merkel

The President and German Chancellor Angela Merkel spoke by phone today, continuing their close consultations on the Eurozone crisis and recent developments in financial markets.  The two leaders agreed that concerted action would be needed in the months ahead to address the current economic challenges and to assure global economic recovery. They also discussed Middle East peace, and the President thanked the Chancellor for her commitment to the peace process and her personal engagement with the parties to facilitate a return to direct talks.