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G8 committed to stability and growth – Greece to remain in euro area - 23/05/2012

Logo of G8 summit – hanging sign and text "Camp David, G8, 2012” © G8

G8 leaders back twin-track approach of stability and growth to foster global economic recovery and create jobs at G8 meeting at Camp David – 18 and 19 May.

In their frank and candid discussion in Camp David, all G8 leaders agreed to boost economic recovery and create confidence by putting public finances in order, while at the same time taking growth-boosting measures.

They also stated that a strong and cohesive eurozone is important for global stability and recovery. They acknowledged EU efforts to restore growth and expressed their strong wish to keep Greece in the euro, while respecting its commitments.

Commission President José Manuel Barroso and President of the European Council, Herman Van Rompuy represented the EU at the meeting.

“On Greece, it is important that, together with our G8 partners we reaffirmed our strong wish to see Greece staying in the eurozone, while respecting the commitments that were made,” they said in a joint statement .

G8 leaders also agreed on coordinated action in the event of a disruption of oil supplies to prevent shocks for the global economy.

Important outcomes from other priority areas of discussions on the agenda of the 2-day meeting include:

  • New Alliance for Food Security and Nutrition launched on the eve of the G8 Summit, which gathers together donors, partner countries and the private sector in a joint effort to lift 50 million people out of poverty in the next ten years.
  • renewing the commitment to the Deauville Partnership with Arab Countries through which the G8 is working with countries in the southern Mediterranean to support economic reform, open government, trade and investment.
  • agreement to join the Climate and Clean Air Coalition to Reduce Short-lived Climate Pollutants and strong support towards the adoption of a climate action instrument legally binding for all parties by 2015.

G8 leaders called on Syria’s government and opposition forces to comply with a joint UN and Arab League peace plan so the country can begin a transition to democracy.

The G8 is an informal group of advanced economies that meets once a year to discuss global issues of mutual concern. The EU participates – as well as individual EU countries France, Italy, Germany and the UK.

All G8 countries are also members of the G20. The G20 summit will be held in Los Cabos, Mexico next month.

Read more in the complete Camp David Declaration

More on the EU at the G8

G8 summit 2012

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