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G20 leaders agreed on the Los Cabos Action Plan for Jobs and Growth, which is a concrete expression and recognition of the need for joint action to remove obstacles to growth and rebalance the global economy.
There was a focus on the situation in the euro area in our discussions. G20 leaders recognised the value of the European project and of the EU's currency, the euro. They welcomed the measures taken in Europe to stabilise our economies and our financial system, and expressed support for our intention to move ahead with deeper economic and fiscal integration. This is an encouragement for the EU. A common currency needs more common policy. Our monetary union needs to be completed by a more integrated economic union. Our partners have recognised that a strong, deeply integrated European Union is decisive for systemic global stability. This recognition mirrors the momentum which is now building in Europe. The EU is determined to show the irreversibility of the euro and of the European project.
The G20's reaffirmed commitment fully and speedily to implement financial reform and build a more responsible and solid international financial sector is an important signal: the G20 remains determined to deliver and see this through. The EU presented its track record, having completed its G20 commitments and determined to proceed with further reform swiftly.
We are satisfied with the additional pledges of other G20 members to fulfil, and even exceed, our joint commitment from Spring 2012 to increase the IMF's resources. The European Union, as the largest contributor to the IMF, has already shouldered €240 billion which is around half of the overall increase. The role of the IMF as a global financial safety net and driver for reform is further reinforced and will benefit countries in need across the world.
Statement by President Barroso
Video statement following the G20
Reply by President Barroso at G20 press conference - "We are not here to receive lessons"
Guy Verhofstadt (ALDE) reacts to the statement of Mr Barroso on the G20 summit