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Barroso presents EU's priorities for G20 summit

(Xinhua)
Updated: 2010-05-14 01:49

BRUSSELS -- European Commission President Jose Manuel Barroso on Thursday presented priorities of the European Union (EU) for the upcoming G20 summit, calling for guiding principles for exit from the crisis.

"The G20 remains a key vehicle for the EU to drive forward a reform agenda which tackles the challenges exposed and which commits our international partners to deliver too," Barroso said in a letter to EU President Herman Van Rompuy.

"Recovery from the crisis and a shift to sustainable, responsible, growing economies and markets are shared goals that can only be delivered by a shared global effort," he added.

The commission chief said the G20 summit to be held in Toronto of Canada next month should set out general guiding principles for exit from the crisis, taking into consideration different national or regional circumstances.

It should also make progress towards agreeing on country recommendations by groups of countries or regions, he said.

On financial reform, Barroso said the EU's priority is timely and consistent implementation of the existing commitments to reform financial markets, such as on rules to improve bank capital, implementation of the remuneration principles and accounting standards convergence.

"This should include agreement on a financial institution levy to reduce systemic risk and contribute to bank repair," he said.

Within the EU, the commission was ready to deliver all remaining reform proposals in a way that would allow EU governments to set a political target for adoption by the end of 2012.

"We should press our partners to reciprocate," Barroso said.

The G20 summit should also make substantial progress towards agreeing on an ambitious package on reform of the International Monetary Fund (IMF) in order to conclude by November and build up momentum for the UN Millennium Development Goals review summits and on climate change, he said.