Speaking at the close of the Group of 20 economic summit, Mr Obana said Europe's leaders showed a "heightened sense of urgency" during two days of talks in this Mexican resort.

The president maintained that Europe had the capacity to solve the crisis on its own, indicating the US, still battling its own economic woes, would not be offering any financial pledges to help its international partners.

"Even if they cannot achieve all of it in one fell swoop, I think if people have a sense of where they are going that can provide confidence and break the fever," he said.

Mr Obama waded deep into the summit discussions on Europe's debt crisis, which could have repercussions both for a US economy still struggling to recover from a recession and Obama's own re-election prospects.

He acknowledged that "all of this affects the United States" but that his administration does not have control over how quickly the Europeans fix the problems.