Current developments

EU at G20: "tackling the accelerated implementation of the eurozone decisions"

"At the level of the Union and the euro area, we are tackling the accelerated implementation of the decisions taken by the euro area summit at the end of October which were welcomed by the G20 leaders," said European Council President Herman Van Rompuy after the G20 summit held on 3 and 4 November in Cannes, France.

The leaders of twenty major advanced and emerging economies hailed "the euro area's determination to bring its full resources and entire institutional capacity to bear in restoring confidence and financial stability, and in ensuring the proper functioning of money and financial markets". They called for a swift implementation of the plan adopted at the Euro summit on 26 October.

President Van Rompuy pointed out that eurozone finance ministers were working on the operational implementation of mechanisms for maximising the capacity of the European Financial Stability Facility (EFSF).

"The G20 is also prepared to provide the IMF with additional resources and to mobilise them rapidly if necessary," he said. The G20 finance ministers will have to define specific options before their next meeting in February 2012.

President Van Rompuy represented the European Union - a full member of the G20 - together with European Commission President José Manuel Barroso.

 

More information:

Cannes summit final declaration

Statement of President Van Rompuy after the summit (pdf)

The EU at the G20 (European Council webpage)

The EU at the G20 (Commission webpage)

French Presidency of the G20 website

European response to the debt crisis

 

Source European Council, © European Union, 2011

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