Ghana has also been a leader, a responsible actor on the international stage, working in the region to help stabilize and reduce conflict there.

WHITEHOUSE: President Obama��s Bilateral Meeting with President Mills of Ghana | The White House

The 26-member alliance also will look for links with the Arab nations of the Middle East to help stabilize the region.

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As Obama seeks to stabilize the region, his administration has been advocating multilateralism and stressing "smart power" diplomacy by using all the tools of foreign policy available.

CNN: In first week, Obama takes initial steps on ambitious agenda

However, Credit Suisse does see the risk of deflation in the peripheral countries of Europe because of loss of competitiveness in the region and the degree of fiscal tightening that will be needed to stabilize government debt to gross domestic product.

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Ms. CONDOLEEZA RICE (U.S. State Department): To the degree that we hear from the Saudis and others that their biggest strategic concern is Iran, then they have a very strong incentive to help stabilize Iraq, so that Iraq is indeed a barrier to Iranian influence in the region, not a bridge.

NPR: Rice Set to Make a Swing Through Middle East