Joint Barroso and Van Rompuy statement on G20: The EU is on the right track for the G20 Summit in Seoul on financial sector reforms
28 June 2010
The G20 has responded with determination to keep the pace for making the financial sector more resilient to crises and risk. The EU and its partners agreed to make the financial sector participate in the costs of repair, resolution and prevention and recognized the bank levy as a useful instrument.
In Toronto, the G20 has proven to be what it said it would be: the premier forum for international economic cooperation. The EU has kept the momentum for global coordination on economic matters, delivering on a number of Pittsburgh commitments and setting the agenda for Seoul. The G20 comes out stronger and its leaders have demonstrated clear common resolve to create strong, sustainable and balanced global growth.
The EU came to Toronto with a clear agenda. The Summit's result reflects widespread convergence around Europe's approach.
“We all agreed on the importance of a coordinated approach at global level that combines growth-friendly fiscal consolidation and following through on fiscal stimulus, tailored to national circumstances.Our partners have agreed to concrete minimum targets for deficit reduction and the stabilisation and reduction of debt. The EU's efforts in favour of stabilisation and growth were widely welcomed in Toronto.”
On financial sector reform, the EU has worked hard ahead of the Summit to maintain the momentum. In Toronto, the G20 has responded with determination to keep the pace for making the financial sector more resilient to crises and risk. The agreed timeframe for reform was confirmed. The EU is on track for the G20 Summit in Seoul.
The EU came to Toronto with a European decision that Member States would introduce systems of levies and taxes on financial institutions. Barroso welcomed that their partners agreed to make the financial sector participate in the costs of repair, resolution and prevention and recognized the bank levy as a useful instrument.
© European Commission
