German Chancellor Angela Merkel delivers a speech after receiving the Emperor Otto Prize in the Magdeburg Cathedral in Magdeburg
"Europe is in one of its toughest, perhaps the toughest hour since World War Two," she said. Reuters

U.S. President Barack Obama and German Chancellor Angela Merkel discussed the eurozone crisis and financial-market turbulence on Saturday and vowed action to bolster the global economy, the White House said in a statement.

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, the statement said.

The White House also said Obama and Merkel discussed Middle East peace and would continue working on a statement by the Middle East Quartet -- the European Union, the United States, Russia and the United Nations -- that would provide a basis for the resumption of direct talks between the Israelis and Palestinians.

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