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17 September 2009

European Commission calls for united EU position for G20 summit in Pittsburgh


Next week's Pittsburgh meeting needs to build on the success of the April meeting in London. The Commission believes there are several points which need to be made by the EU to G20 partners.

Next week's Pittsburgh meeting needs to build on the success of the April meeting in London. The Commission believes there are several points which need to be made, as the EU, to G20 partners. The Commission made the following points:

·         The G20 needs to prepare the exit from the crisis. Fortunately, there are increasing signs that the European and global economy is turning the corner. The risk of meltdown in the financial system has receded.
·         The European Union is particularly concerned by the employment and social consequences of the current crisis. Unemployment is back at levels which we have not seen for over twenty years. We need to help efforts to ease adjustment and prevent unemployment from becoming entrenched.
·         The EU should support the development of an international charter for sustainable economic activity. We should also support an enhanced IMF role in analysing G20 economies in the context of its surveillance mandate assessing the impact of our policies on others, and the risks facing the global economy.
·         The Commission will present its formal legal proposals for a new European financial supervision architecture. The proposals will strengthen oversight of both individual financial institutions and the financial system as a whole. This new supervisory architecture will serve as the European cornerstone for a global mechanism to bring new oversight to systemic risks facing global financial markets.
·         Strong and coordinated action on remuneration is essential both to restore the link between compensation, risk management and real sustainable performance, and to sustain public consent for the huge investments made to restore the financial sector.
·         The EU should support the strengthening of IMF surveillance, its lending facilities, and the reform of its governance structure with greater involvement of Ministers.
 


© European Commission


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