The President and German Chancellor Merkel spoke by phone today, continuing their close consultations about the global economic situation, the Eurozone crisis and recent developments in financial markets. The two leaders agreed on the importance of concerted action, including through the G20, to address current economic challenges and to spur growth and job creation in the global economy. They also discussed Middle East peace and agreed to continue working on a Quartet statement that could provide a basis for the resumption of direct negotiations between the parties.