Obama aide: G8 consensus on global economy

L'AQUILA, Italy, July 8 (UPI) -- An aide to U.S. President Obama expressed optimism of a consensus on a global economic stimulus as world leaders arrived in Italy for a Group of Eight summit.

Michael Froman, the president's point man for the summit, said global leaders have a "consensus view" that the global economy remains "in the midst of an economic downturn."

"(While) there is some positive signs, there is also uncertainty and risk out there," Froman, deputy national security adviser for international economic affairs, said Wednesday before the summit convened in L'Aquila. "(We) all agree that we need to return to fiscal sustainability in the mid-term. ... (People) said it's time to prepare exit strategies, but not necessarily to put them into place yet."

Froman said the summit would begin with a working lunch, during which participants would discuss the global economy, focusing on the state of the recovery and what next steps need to be taken "with regard to fixing the financial system (and) with the status of restoring growth."

The leaders of industrialized nations also were to discuss development issues, climate change and food security, as well as Iran, North Korea and non-proliferation of nuclear weapons, Froman said.