Los Cabos , Mexico ( CNN ) -- The United States on Tuesday supported European leaders ' efforts to ease the debt crisis , including the formation of a `` banking union '' to safeguard their financial systems . `` If people have a sense of where they are going , that can provide confidence and break the fever , '' President Barack Obama said at the end of the two-day G-20 summit . U.S. Treasury Secretary Timothy Geithner said European leaders , meeting again next week , want to design a long-term framework for stability and take swift steps to institute short-term reforms . `` What this means is a framework of reforms so they can stand behind their banks , provide capital to the banks that need it , make sure they 're protecting the safety of their depositors , '' Geithner said . Leaders will work to ensure Italy and Spain can borrow at sustainable interest rates , said Geithner , indicating the United States was `` encouraged '' by developments and the meeting 's focus on economic growth . G20 pledges to support world economy . The European Union earlier this month unveiled a plan to create a coordinated banking union rather than leaving troubled nations to deal with their own banking crisis . The proposal would include a single deposit guarantee organization covering all banks in the union , something similar to the FDIC , which covers U.S. bank deposits . The summit largely focused on boosting a sluggish global recovery threatened by a possible collapse of the euro currency union . European leaders are moving with a `` heightened sense of urgency '' to address the continent 's financial problems , according to Obama . `` They understand the stakes and pledge to take the action needed to address this crisis . '' The president acknowledged `` slower growth in Europe means slower growth in American jobs '' and the potential effects on the upcoming election . `` If we do the right thing , politics will follow , '' Obama said . Host President Felipe Calderon of Mexico , speaking at the end of the summit , said leaders agreed to extend a commitment to not introduce protectionist measures until 2014 . He also told reporters that Spain had not formally asked for a bailout . In a declaration , G-20 leaders said they `` would act together to strengthen recovery and address financial market tensions . '' `` Euro Area members of the G-20 will take all necessary policy measures to safeguard the integrity and stability of the area , improve the functioning of financial markets and break the feedback loop between sovereigns and banks , '' they said . The International Monetary Fund said a number of member countries made emergency fund pledges , helping `` efforts to create a $ 456 billion global firewall that puts the IMF in a much better position to help its 188 member countries restore sounder economic and financial conditions worldwide. `` `` These resources are being made available for crisis prevention and resolution and to meet the potential financing needs of all IMF members , '' said Christine Legarde , managing director . The summit largely focused on one of the primary causes of the global economy 's lethargic recovery -- the threat of a European currency collapse that would roil the already fragile economies of most of the 17 countries that use the euro . Obama played a role in ensuring other G-20 nations heard about European strategies , according to a senior administration official . `` The framework they ( Europeans ) are building , as they described it to us , amounts to a more forceful response than they 've contemplated to date , '' the official said . A main topic of the summit was Sunday 's elections in debt-ridden Greece , where the center-right New Democracy party received the most votes and was asked to try to form a coalition government . `` They all want to work in partnership with Greece to make sure that Greece is reforming within the EU , '' Geithner said of European leaders . The members of the G-20 are the United States , the European Union , Germany , Great Britain , France , Italy , Japan , Russia , China , Canada , Argentina , South Korea , South Africa , Mexico , Brazil , India , Indonesia , Saudi Arabia , Turkey and Australia . CNN 's Tom Cohen , Adam Aigner-Treworgy , Brianna Keilar and Dan Lothian contributed to this report .
EU encourages framework for ` ` European crisis '' International Development Fund receives additional funding . U.S. encouraged by progress in addressing European crisis . EU looking at the European crisis and how to boost global economic growth .