US President Barack Obama has said the G8 summit this weekend has made genuine progress in efforts to chart a way out of the economic crisis - particularly in the eurozone.

The leaders of the world's major economies ended their meeting at Camp David near Washington with saying they want both growth and job creation.

A joint summit statement reflected how urgently the countries must contain a financial crisis that could spread from the eurozone to the United States and infect the rest of the global economy.

They declared unanimity in ensuring that Greece, which is crippled in debt and politically gridlocked, remains part of the 17-member euro currency union.

"The leaders here understand the stakes," Mr Obama said in summing up a packed, unusually intimate day of world talks. "They know the magnitude of the choices they have to make and the enormous political and economic and social costs if they don't."

The Group of Eight summit includes leaders of the United States, Japan, Britain, Germany, France, Italy, Canada and Russia.

Coping with shaky oil markets, the leaders set the stage for a united release of world oil reserves to balance any disruption in world markets when tough new sanctions are imposed on Iran's exports because of its disputed nuclear programme.

The leaders said they were ready to take "appropriate action" to meet any shortages.

Meanwhile, French President Francois Hollande has said he will put forward proposals for eurobonds at Wednesday's EU summit in Brussels.

He will outline his ideas to stimulate growth and help struggling economies in the eurozone.

However, German Chancellor Angela Merkel insisted the eurozone countries must maintain austerity measures to cut their deficits.