THE EU AT THE G20
The Group of Twenty (G-20) is the premier forum for international economic cooperation. It promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability.
THE EU AT THE G20
The G-20 Summit on Financial Markets and the World economy was held in London, UK, on 2nd April 2009. President Barroso represented the EU at the Summit together with the rotating Presidency of the Council.
"G20 achievements - Much more ambitious than expected"
At the press confrence after the summit, President Barroso said the summit had taken steps that were "much more ambitious than expected" to protect jobs and prosperity. A united EU was central in driving an agreement: "The European mark is clear in the conclusions." Leaders promised "everything necessary" to stimulate economies. Reforms agreed included stronger oversight for hedge funds and bankers' pay and tough measures against tax havens. The summit allocated $ 850 billion extra for international bodies to help crisis-hit nations and agreed that IMF gold sales would support developing countries. World leaders earmarked $ 250 billion to support global trade, following up an EU proposal, and pledged rapid success in the Doha trade talks.
Aims ahead of the summit
Turning our good intentions into joint action: the G20 must re-shape globalisation
In an article published ahead of the summit, President Barroso said that the summit should aim to put an end to the economic and financial crisis and prevent future crises. He also had a message for those who believe the solution is 'de-globalisation'. "Protectionism and economic nationalism are misleading temptations that disseminate poverty and conflict. We need to introduce a set of rules at global level which enable us to control globalisation. The EU today is particularly well-placed to play a leading role. No other region of the world has as much experience as the EU in terms of agreements concluded on transnational rules and their effective implementation."
Europe to lead by example at G20
The EU is united and determined to continue setting the agenda for effective global action to help citizens through the crisis and prevent future crises. President Barroso set out five types of "stimulus" on which the summit would be judged. "First, the worldwide coordination of fiscal stimulus. Second, to create lasting demand, we need a confidence stimulus. This requires ambitious reform of financial markets. Third, we need a global governance stimulus, to reflect the 21st century world. Fourth, we need a trade stimulus. Last but not least, we need a development and climate change stimulus. There can be no recovery without fairness vis-à-vis the developing countries and coherence with our fight against climate change."
Markets must function properly again so they can fund jobs and investments
On financial regulation,President Barroso said that "the EU wants to move the frontier further: no financial product, no institution, no market, no jurisdiction should be exempted from regulation."
"Only in this way will confidence be restored. And confidence is key." The EU would come with a joint message agreed by the 27 EU countries during the previous European Council. The message contained a pro-active agenda on a stimulus for the world economy, and on the regulation of all financial actors, from banks and hedge funds to new rules on credit rating agencies.
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