G20 Preparatory Meeting: extracts from the joint press conference by Angela Merkel, Gordon Brown, Nicolas Sarkozy, José Manuel Barroso and Jean-Claude Juncker
Type: Summary of press conference
End production: 22/02/2009 First transmission: 22/02/2009
Angela Merkel, German Federal Chancellor, told journalists that the leaders from Europe's biggest economies agreed on a common stance on overhauling global financial rules ahead of a broader summit of G20 nations in London on April 2.
"They all emphasized the importance of getting a global new deal at the London meeting in order to make the world economy recover, including the possibility of punishing nations that would not respect the rules. A new system of regulation without sanctions would not have any meaning", Nicolas Sarkozy, President of the French Republic, told the press conference.
"I believe that there is a great occasion now for Europe to propose to the rest of the world some of the principles that for us are so important, the principles of social market economy, the principles of sustainable development", added José Manuel Barroso, President of the EC.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of EU leaders at the press conference (2 shots)
||Angela Merkel, German Federal Chancellor, saying (in GERMAN) that all the participants in the markets, hedge funds, rating agencies, need to be regulated and better supervised; the details of this need yet to be worked out.
||Cutaway of press
||Gordon Brown, British Prime Minister, saying (in ENGLISH) that these are testing times; we have seen the biggest global fiscal stimulus that is ever been done; we have seen the biggest cut in interest rates that the world has ever had; we are now seeing the biggest injection of funds into the banking system to ensure that banks can lend again to businesses; But today we decided that we need to do even more than that by working together; it is necessary to have a global new deal so that the world economy can not only recover but, as Angela Markel has said, the economic system of the future can be based on the soundest and best principles of all.
||Nicolas Sarkozy, President of the French Republic, asking (in FRENCH) what would make London a success; and saying that it will be the ambitious nature of the measures that the EU is proposing and their credibility; Europe wants to see an overhaul of the system; it is not about talking about superficial measures or transitional ones but it is about structural measures which need to be taken; that he agrees with Gordon Brown on the need for sanctions, which are key to the new system, because a new system of regulation without sanctions would not exist.
||José Manuel Barroso, President of the EC, saying (in ENGLISH) that he believes that there is a great occasion for Europe to propose to the rest of the world some of the principles that are important: the principles of a social market economy, the principles of sustainable development; to have an open society, we need the rule of law and to have open economies, we also need some principles: the principles of transparency, of sound and sensible regulation and supervision, the principles of social responsibility; that the G-20 agrees on that and it is determined to make this agenda advance in the London Summit.
||Jean-Claude Juncker, Luxembourg Prime Minister and President of the Eurogroup, saying (in GERMAN) that it important to overcome the recurrence of such crisis though agreeing on an early warning system which would be governed by the IMF; it is very important to ensure that we do not see any disruption of crisis of this scale anymore.