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02 November 2010

Joint letter of Barroso and van Rompuy on the upcoming G20 summit


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They stressed that in Seoul all parties should confirm the agreements reached at the G20 ministerial meeting on IMF quota shift and the composition of the Executive Board, and should commit to including broader governance reform, such as enhanced ministerial involvement.


The letter contains the following key messages:
On the G20 summit in Seoul (11-12 November 2010)
·         The G20 Summit in Seoul will be a real test of whether the G20 can continue to deliver in its role as the premier global forum for international economic cooperation.
·         We need a clear common EU position on a set of difficult issues.
·         G20 Framework for strong, balanced and sustainable growth: All G20 countries must recognise that economic imbalances are a common concern, and that all major economies must do their part to achieve rebalancing. If the debate on setting current accounts target came back at the table, we should underline the benefits of our own mechanism based on a limited number of indicators. In addition, we cannot ignore the recent exchange rate issues and should promote our shared interest in a strong and stable international financial system. The G20 should reaffirm its commitment to move towards more market-oriented exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies.
·         Financial regulatory reform: the implementation and monitoring of key reforms like the Basel III agreement needs to be ensured. The agenda for financial regulatory reform has not yet been completed. Moreover, the EU should continue to support work in the G20 to explore and develop a financial transaction tax at global level. In the meantime, we need to work on other ways of ensuring that the financial sector makes an equitable contribution, through measures such as a financial activities tax and levies.
·         We fully support the G20 work on development, where an action plan will be adopted in Seoul to bring developing countries into the G20 growth agenda. At the same time, we want to engage emerging economies in a fully-fledged international development framework.
·         The G20 should also give a political impulse to a rapid conclusion of the Doha Round negotiations, taking advantage of a window of opportunity which seems available in the near future. This will require strong political leadership, with clear and operational instructions for negotiators to bridge the gaps and to conclude the Round.
·         Seoul will also be an important opportunity to create political momentum for a successful climate change conference in Cancún. The G20 needs a balanced and realistic position which continues to drive us forward towards the global ambition to limit climate change to 2° Celsius.
·         Finally, we should support G20 work on addressing energy-related issues and fighting corruption.


© European Commission

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