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The EU at the G20 Summit in Mexico: "Rebalancing global growth together"

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At the press conference ahead of the summit, President Barroso conveyed messages on results of Greek elections, deepening the economic and monetary union as well as on his expectations for key items on the G20 agenda.

"It is now crucial that a stable and cohesive Greek government be formed quickly. The new government needs to get to work swiftly to implement the economic reforms which are needed to bring Greece back on its feet again. This was also my message yesterday, when I personally congratulated the leader of New Democracy, Mr Samaras, who has now the responsibility to form a government in Greece," said the President as he opened the press conference.

On deepening economic and monetary union President Barroso said: "The European Union can and should now move further towards banking union. The Commission will be ready this autumn to make proposals that complement and deepen what we have already put on the table for more effective and integrated banking supervision, a common deposit guarantee system and an integrated banking resolution scheme. Further ahead," he continued, "we should deepen our fiscal union, notably by refining our financial backstops and achieving a more integrated budgetary coordination. Under strict conditions some forms of debt mutualisation will be considered. But let me be very clear: any future Eurobonds or Stability Bonds will not be a license to spend! On the contrary they will become a powerful tool for increased discipline and stability."

On the G20 priorities, the President outlined the European Union's positions and called on G20 leaders to make ambitious and responsible contributions to remove obstacles to growth. He emphasised that the EU is sounding the alarm on the worrisome rise of trade protectionism and urged G20 partners to step up the fight against protectionism, move forward on trade facilitation and strengthen the multilateral trading system.

The President also underlined the EU's progress on G20 commitments on financial reform and the reform of the International Monetary Fund, and encouraged G20 partners to follow suit. He concluded with a strong appeal to continue to work on a Financial Transaction Tax both in Europe and at global level.

Read the whole speech

Watch the video of the press conference