In his letter President Barroso presents five key G20 deliverables. It includes timely and consistent implementation of the commitments to reform financial markets, inter alia on rules to improve bank capital, implementation of the FSB remuneration principles and accounting standards.
President Barroso has sent a letter to President Van Rompuy and all members of the European Council, and to President Buzek, in view of the upcoming G20 Summit in Toronto on 26-27 June.
In his letter President Barroso presents five key G20 deliverables, which he believes should be at the heart of a strong EU position for the Summit:
1. Setting out general guiding principles for exit from the crisis, as the EU has already done, taking into consideration different national or regional circumstances.
2. Making progress towards agreeing country recommendations by groups of countries or regions in the context of the Framework for Growth, fully taking into account the euro area / EU dimension, in keeping with the longer-term objectives of Europe 2020 and the commitments under the Stability and Growth Pact.
3. Timely and consistent implementation of the existing commitments to reform financial markets, inter alia on rules to improve bank capital, implementation of the Financial Stability Board remuneration principles and accounting standards convergence. This should include agreement on a financial institution levy to reduce systemic risk and contribute to bank repair. Within the EU, the Commission is ready to deliver all remaining reform proposals in a way that would allow the European Council to set a political target for adoption of the reform already by the end of 2012, and we should press our partners to reciprocate.
4. Making substantial progress towards agreeing on an ambitious package on IMF reform in order to conclude by November.
5. Building up momentum for the UN Millennium Development Goals Review Summits; on climate change, agreeing on an oriented set of actions for Cancun and deliver on fast start financing.
President Barroso also wrote:
"The events of the past weeks have again exposed just how interconnected markets and economies around the world have become. The G20 remains a key vehicle for the EU to drive forward a reform agenda which tackles the challenges exposed and which commits our international partners to deliver too. Recovery from the crisis and a shift to sustainable, responsible, growing economies and markets are shared goals that can only be delivered by a shared global effort."
The EU played a key role in launching the G20 leaders' process, and has provided much of the political impetus and substantive thinking that has established it as the primary forum for global discussion and coordination on economic and financial issues. The European Council on 17 June is set to finalise EU preparations of the G20 summit.
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