"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. Other G20 members recognised Europe's efforts and that we have delivered on our 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...
"This G20 summit cemented the global paradigm shift towards fairer taxation by endorsing the establishment of the automatic exchange of tax information. We are highly satisfied that this new standard will be implemented as from 2015 among G20 members, as the EU has pushed for. This and the endorsement of the OECD's work on base erosion and profit shifting provide a powerful signal: The G20 are taking action to make sure that companies and individuals pay the taxes they are due and which are badly needed in these difficult times to invest in our future. Since long, the European Union has been and will continue to be at the forefront of this fight. In order to make it a success we will continue to provide our expertise and experience.
"We also noted with satisfaction that the G20 made good progress in implementing its commitment to leave no market and no product unregulated and make the financial system more resilient, including through the consistent implementation of the Basel III capital rules. The G20 also showed its determination to move ahead with financial regulation, including by addressing the risks of shadow banking through strengthened oversight and regulation. All this is crucial to shield our citizens from paying the price of future financial crises. The European Union will continue to lead by example."
Full statement
Barroso interview with CNBC
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