European Commission President José Manuel Barroso and European Council President Herman Van Rompuy wrote to their G20 partners ahead of the G20 Summit in Cannes. They say the Cannes Summit should aim for ambitious outcomes on eight priorities, including making “tangible progress” on implementing the financial market reform agenda. The letter says the EU is honouring its G20 commitments and that all other G20 partners must also deliver. It highlights over-the-counter (OTC) and commodity derivatives, bank crisis prevention and resolution (including work on global systemically important banks (G-SIBs)), and accounting standards as areas on which the G20 must press ahead. It calls for stronger powers for the FSB and says the G20 should consider a global financial transaction tax. (Source: EU Presidents Write to G20)