G20 Summit: “EU objectives broadly achieved”
"We are pleased that the European Union's objectives for this summit have been broadly achieved", European Commission President José Manuel Barroso and European Council President Herman Van Rompuy said in their joint statement on the outcome of the G20 Summit.
Presidents Barroso and Van Rompuy represented the European Union at this year’s G20 summit that took place from 5 to 6 September in Saint Petersburg.
“The European Union this year came to the G20 with a message of confidence about delivery of its G20 commitments and the positive effects of its comprehensive crisis response, which are starting to show; while the efforts must not be relaxed”, both Presidents stated.
G20 members acknowledged that the EU has delivered on its substantive commitments from Los Cabos in 2012.
“They encouraged us to continue implementing our comprehensive crisis response including the swift adoption and implementation of a banking union. Doubts have been dispelled and our G20 partners have acknowledged the determined action of the European Union to draw the right lessons from the crisis”, Presidents Barroso and Van Rompuy said.
Leaders also adopted the Saint Petersburg Action Plan for Growth and Jobs, with concrete contributions by all G20 members. Presidents Barroso and Van Rompuy particularly “welcomed the very constructive discussions about the situation in the emerging economies and the willingness on all sides to engage in cooperative solutions and consider potential spillovers when conceiving and implementing national growth policies and to address structural issues in the concerned countries themselves.”
This G20 summit also cemented the global shift towards fairer taxation by agreeing on setting up the automatic exchange of tax information among G20 members as from 2015 – as the EU has pushed for – and leaders endorsed the OECD's work on base erosion and profit shifting.
Both Presidents noted with satisfaction that the G20 made good progress in the field of financial regulation, including by addressing the risks of shadow banking.
On trade, the G20's anti-protectionism commitment to extend the Toronto standstill clause to 2016, is "very good news", President Barroso and Van Rompuy said.
Results of the G20 summit: Joint statement by President Barroso and President Van Rompuy
Statement by President Barroso ahead of the G20 Summit in Saint Petersburg
Press release: Commission’s roadmap for tackling the risks inherent in shadow banking