EU-US Summit agrees on ‘enhanced cooperation’ on reform and exit strategies

04 November 2009

Leaders from the EU and the US agreed to undertake further financial regulatory reforms, create more resilient financial regulatory structures, and to plan for coordinated exit strategies ‘once recovery is ensured’.

EU-US Summit agrees on ‘enhanced cooperation’

 

The European Union and the United States held their annual Summit in Washington and agreed to undertake further financial regulatory reforms and to plan for coordinated exit strategies ‘once recovery is ensured’.

 

In particular, EU and US leaders agreed:

“We commit to remain vigilant to take actions to assure a strong recovery and to plan for cooperative and coordinated exit strategies to be implemented once recovery is ensured.

“We further commit to undertake financial regulatory reforms to improve the resilience of our financial system to prevent future financial crises, create a 21st century international economic architecture, and address pressing global challenges including energy security and climate, unemployment and decent work.

“We will continue to fulfil commitments from the Pittsburgh, London and Washington Summits, including the creation of more resilient financial regulatory structures with an enhanced and expanded scope of regulation and oversight.

 

Other issues covered by the summit include ‘climate change’, and the EU - US cooperation on global challenges, including economic recovery and growth and providing effective assistance to developing countries. A number of foreign policy issues, including the situation in the Middle East and Afghanistan, were also discussed.

 

A newly established EU-US Energy Council also met for first time today to deepen bilateral energy cooperation and address the growing challenges of global energy security, sustainability and climate change

 

EU-US Summit Declaration

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