U.S. President Barack Obama says the U.S. stands ready to do its part to help the European Union resolve its current economic crisis as the euro zone’s fiscal struggle is of huge importance to the U.S. economy.

Obama made the remarks in a news conference following an annual summit with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso at the White House on Monday, local time.

In a joint statement issued after the summit, the U.S. and the EU said they are committed to work together to "reinvigorate economic growth, create jobs, and ensure financial stability." The statement also read the two sides would achieve those goals by taking steps that strengthen the foundations of long-lasting and balanced growth and address near-term growth concerns and fiscal and financial vulnerabilities.

The two sides agreed to run a working group on creating jobs and growing their economies. The group will be jointly headed by U.S. Trade Representative Ron Kirk and EU Trade Commissioner Karel De Gucht.