JAKARTA: European Council President Herman Van Rompuy and European Commission President José Manuel Barroso at the end of the G20 summit in Seoul, South Korea, today made a joint statement mentioned that both parties were satisfied with the outcome of the summit.
In the statement, EU clearly wanted this summit to make progress on joint action to boost global growth and jobs. Therefore, EU are pleased to welcome Seoul Action plan which commits the G20 further to global action for balanced growth.
The Action Plan is a clear recognition of joint responsibility policies. All major economies have agreed to do their part to achieve rebalancing to tackle imbalances. Thus EU will strengthen the mutual assessment process to promote external sustainability
EU also have committed to reducing excessive imbalances and maintaining current account imbalances at sustainable levels using indicators to trigger an assessment of macro-economic imbalances and their root causes was backed by the G20 leaders.
The EU helped to build a consensus on cooperative solutions to tensions on currency issues and trade.
Leaders on G20 agreed to move to more market based exchange rates and enhance exchange rate flexibility to reflect underlying economic fundamentals and refrain from competitive devaluations. This point was also stated on our joint letter for the G20 leaders on November 5th before the summit.
The EU committed to fight protectionism in all its forms and soon completed the end game of the Doha Development Round. It was important for the EU to place development firmly on the agenda of the G20.
The G20 summit endorsed the IMF reform. The EU welcomes this reform, to which its Member States have contributed decisively. By endorsing the Basel III reform, the G20 also kept up the momentum for global financial regulatory reform, a key priority for the EU.
To reach a balanced and successful outcome of the climate negotiations, EU highly supported the conclusions of the G20 summit regarding Cancún, namely the willingness to spare no effort.(T03/NOM)
In the statement, EU clearly wanted this summit to make progress on joint action to boost global growth and jobs. Therefore, EU are pleased to welcome Seoul Action plan which commits the G20 further to global action for balanced growth.
The Action Plan is a clear recognition of joint responsibility policies. All major economies have agreed to do their part to achieve rebalancing to tackle imbalances. Thus EU will strengthen the mutual assessment process to promote external sustainability
EU also have committed to reducing excessive imbalances and maintaining current account imbalances at sustainable levels using indicators to trigger an assessment of macro-economic imbalances and their root causes was backed by the G20 leaders.
The EU helped to build a consensus on cooperative solutions to tensions on currency issues and trade.
Leaders on G20 agreed to move to more market based exchange rates and enhance exchange rate flexibility to reflect underlying economic fundamentals and refrain from competitive devaluations. This point was also stated on our joint letter for the G20 leaders on November 5th before the summit.
The EU committed to fight protectionism in all its forms and soon completed the end game of the Doha Development Round. It was important for the EU to place development firmly on the agenda of the G20.
The G20 summit endorsed the IMF reform. The EU welcomes this reform, to which its Member States have contributed decisively. By endorsing the Basel III reform, the G20 also kept up the momentum for global financial regulatory reform, a key priority for the EU.
To reach a balanced and successful outcome of the climate negotiations, EU highly supported the conclusions of the G20 summit regarding Cancún, namely the willingness to spare no effort.(T03/NOM)
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