Noticia nº169.472

/noticias.info/ While the euro area debt crisis was the focus of the G20 summit, world leaders agreed on determined and coordinated action for global economic recovery and job creation and moved further on financial reform.

Commission president José Manuel Barroso and European Council president Herman Van Rompuy represented the EU at the G20 meeting in Cannes, France, on 3 and 4 November.

President Barroso held discussions with individual euro area members present at the G20, the European Central Bank and the International Monetary Fund (IMF). He reaffirmed the EU's determination to continue to do what it takes to preserve the stability of the euro.

Together with president Van Rompuy, he also had a number of bilateral meetings, notably with the UN’s secretary-general, South Korea’s president, Indonesia’s president, and Japan’s prime minister.

Support for euro area plan

G20 leaders strongly supported the decisions taken by the euro area to improve economic governance and provide support for countries with debt problems. They called for a swift implementation of the plan.

As a confidence-building measure Italy invited the International Monetary Fund to carry out a public verification of its policy implementation every three months. This verification is in addition to the Commission’s enhanced monitoring as agreed by the euro summit.

At the conclusion of the summit President Barroso welcomed the decisions taken by G20 leaders.

These include:

adoption of an ambitious action plan for growth and jobs

a fresh approach to world tade negotiations in 2012 on the basis of the Doha mandate

a discussion of a possible global financial transaction tax, which the Commission has proposed for the EU – the tax can ensure the financial sector makes a fair contribution to society and would also help to support the world’s poorest

the importance of food security and agriculture

implementing and strengthening financial reform

an agreement to increase the IMF resources when needed “for the benefit of the entire membership”

The EU is a full member of the G20, a grouping of the world largest and emerging economies.