President Obama said Monday that the United States is prepared to assist Europe in resolving its debt crisis, even as the White House insisted that the U.S. wouldn’t provide financial aid to shore up the region’s troubled economies.

“The United States stands ready to do our part to help them resolve this issue,” Obama said after meeting with European Union leaders for an annual summit at the White House. “This is of huge importance to our own economy. If Europe is contracting or if Europe is having difficulties, then it’s much more difficult for us to create good jobs here at home.”