President Barroso and President Van Rompuy on the results of the 2012 G20 summit
President Barroso welcomed the results of the G20 2012 Summit: recognition of the EU's efforts to deal with the crisis and support for further integration as well as conclusions on IMF, trade and sustainable development.
"There was a focus on the situation in the Euro area in our discussions. G20 leaders recognised the value of the European project and of the EU's currency, the Euro. They welcomed the measures taken in Europe to stabilise our economies and our financial system and expressed support for our intention to move ahead with deeper economic and fiscal integration. Our partners have recognised that a strong, deeply integrated European Union is decisive for systemic global stability. This recognition mirrors the momentum which is now building in Europe. The EU is determined to show the irreversibility of the euro and of the European project, said Presidents Barroso and Van Rompuy in a joint statement just after the end of the summit.
Both Presidents were also very pleased about other important results of the summit:
- The G20's reaffirmed commitment to fully and speedily implement financial reform and build a more responsible and solid international financial sector;
- Additional pledges by other G20 members to fulfil, and even exceed, the joint commitment from spring 2012 to increase the IMF's resources. The European Union, as the largest contributor to the IMF, has already shouldered 240 billion euro (around half of the overall increase);
- On the European Union's insistence, the Toronto standstill commitment for protectionist measures has been prolonged and an agreement on trade facilitation is in within view;
- Further progression of the Doha Development agenda and to the benefit of the least developed countries.
President Barroso also argued strongly in favour of a global Financial Transaction Tax whose revenue could be used again to help the world's poor.