Finland Times

 

The European Union (EU) leaders on Tuesday said in the upcoming G20 summit in Australia, the bloc will stress fostering overall investment as a top priority for the EU.

     

European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso made the remarks in a joint letter to Heads of State and Government of the EU on the key issues coming up for discussion at the G20 summit scheduled for Nov. 15 to 16 in Brisbane, Australia.

     

"The Brisbane Summit will be the first G20 summit that focuses on the transition from fighting the global crisis to supporting the recovery," the letter read.

     

The letter noted that G20 growth strategies need to be on top of the Brisbane agenda, noting the EU will push for the adoption of a strong Brisbane Action Plan on Growth and Jobs that draws upon the comprehensive growth strategies put forward by G20 members.

     

"G20 members should commit to fully implement the measures set out in their G20 growth strategies, and add new reforms where necessary," it said, adding that the Plan should put in place a credible system of implementation monitoring, in order to ensure strong accountability going forward.

     

Trade is a crucial engine of economic growth and job creation, it said, adding that the bloc support the efforts of the Australian Presidency to ensure that G20 members' growth strategies contain a robust set of trade-enhancing domestic reforms.

     

Noting the EU has largely completed the implementation of the G20 commitments, it said the work on financial regulation will not be finished.

     

"All G20 members need to continue to implement the agreed reforms, enhance the oversight of shadow banking, finalize the derivatives reform and the work relating to systemic insurers," it said.

     

The joint letter also called for pushing forward the G20 tax agenda, saying the EU intends to support at the Brisbane summit further global action to tackle cross-border tax evasion.

     

"We are determined to ensure that the Brisbane summit will be another step towards a sustainable recovery of the global economy," it said.