The European Commission has released a press statement calling for a united EU position ahead of the G20 summit in Pittsburgh. The statement contains a number of demands the EU wishes to make of the G20 to be agreed at the summit, in order to better coordinate the global response to both the financial crisis and its social consequences, and to climate change, and an overview of its position on a number of issues.

The points made in the press statement include:

  • As signs of recovery appear, an exit strategy from the crisis needs to be prepared.
  • The EU should support the development of an international charter for sustainable economic activity. It should also support an enhanced IMF role in analysing G20 economies in the context of its surveillance mandate assessing the impact of policies on others, and the risks facing the global economy.
  • The EU should press G20 leaders to increase the momentum for a comprehensive and ambitious reform of the global financial system.
  • EC President Barroso will stress the need to work with international partners to seek maximum cooperation in managing systemic risks to global financial markets, drawing on the expertise of the International Monetary Fund and the Financial Stability Board (FSB).
  • FSB guidance should be endorsed at the highest level in Pittsburgh.
  • The EU should also seek a renewed commitment from the G20 to accelerate the pace of delivery on accounting standards and non-cooperative jurisdictions.
  • The Pittsburgh summit should send an important message on the need to take urgent international action to tackle food insecurity and translate the commitments made in L'Aquila into concrete action. It should also welcome the proposed new World Bank Trust Fund.
  • The Commission and EU Member States should underline the urgency and press for ambitious conclusions on climate finance, along the lines of the Commission's current proposals.