He highlighted that, from the beginning, the European Union has supported the G20 Summit process, but that interdependence is key to resolving the financial crisis. There is a need to achieve global responses to global problems.
The G20 is making a huge difference in tackling this crisis. Where previous crises have brought conflict, the G20 summit has delivered cooperation. Where previous crises have seen chaos, the G20 has achieved a good level of coordination.
He noted that the European Union has from the beginning supported the G20 Summit process. This is the first point, in drawing the lessons from this crisis which has shown, above all, how far our interdependence goes. He said we need to provide global responses to global problems.
Precisely because of the huge potential the G20 brings, we must keep up the momentum here in Pittsburgh. We are the first generation of world leaders to have such an opportunity. We must seize it. It is important that we don't return to business as usual, to everything else that went before. We must not repeat the same mistakes.
He believes there is a global consensus that:
· the huge global imbalances have to be addressed;
· the crisis has brought very important social problems, namely rising unemployment. We have to put the fight against unemployment at the centre of our concerns;
· we cannot allow financial markets to return to the kind of completely unethical and irresponsible behaviour that we have witnessed,;
· we cannot continue indefinitely with deficit financing and huge debts;
· we cannot keep delaying action on climate change;
· we need a serious road map towards a Doha deal if we are really serious about fighting protectionism.
He made particular reference to the importance given to the principle of a Charter for Sustainable Economic Activity. It is a way of providing the economic and ethical basis for global governance.
He believes it is also important to take specific action to rein in exorbitant bonuses. It is important, he claimed, for the reasons he gave before, in terms of ethical principles and also the legitimacy of the world’s financial systems and the way they are seen by its citizens.
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