“If a company is forced to cut back in Paris or Madrid, that might mean less business for workers in Pittsburgh or Milwaukee,” Mr. Obama said to explain why the European crisis matters to the United States. He said that while Europe’s predicament is “more complicated” since it requires coordination among multiple governments, steps his own government took to blunt the impact of the American financial crisis in 2008 and 2009, including the stimulus, can stand as an example for Europe.

In a tense meeting here at this storied presidential retreat, it seemed at times as if it was Ms. Merkel — who faces stiff opposition at home to more bailouts of its neighbors by German taxpayers — against the world. Things did not seem to get off to a good start either on Friday night, as Mr. Obama greeted his guests for dinner in a rustic wood cabin.

“How’ve you been?” Mr. Obama asked Ms. Merkel.

She shrugged and pursed her lips.

“Well, you have a few things on your mind,” Mr. Obama said consolingly.

Mike Froman, Mr. Obama’s top adviser on international economic affairs, was careful not to publicly single out Ms. Merkel and Germany when talking to reporters after the meeting. The debate over austerity vs. growth, he said, “has been going on for some time, and we welcome the evolution on that debate.”

But it remains unclear how far Ms. Merkel will go, despite the pressure from other leaders. Ms. Merkel on Saturday was fresh from a war of words with Greece over that country’s continued membership in the euro, with Greek politicians complaining that Ms. Merkel had suggested a referendum asking Greece whether it wanted to stay in the euro, a claim that a spokesman for Ms. Merkel has denied.

Separately, the leaders also said they “stand ready” to call on the International Energy Agency to take appropriate action to guarantee oil supplies if prices spike. “There have been increasing disruptions in the supply of oil to the global market over the past several months, which pose a substantial risk to global economic growth,” the group said in a statement.

The oil statement was meant to reassure oil markets that nations will consider tapping into their oil reserves if there is a supply shortage. It is particularly meant to send a warning to Iran — which is the target of an oil embargo to begin July 1 as part of the western effort to rein in Tehran’s nuclear ambitions — that the West will work to counteract high oil prices once the sanctions go into effect. Finally, it is meant to reassure countries like India and China that they will not be hurt by higher prices once the sanctions begin.