EU leaders call for 'renewed collective G20 spirit'
Updated: 2011-10-31 06:20
European Council President Herman Van Rompuy speaks at a joint briefing at the end of a euro zone leaders summit in Brussels October 27, 2011. [Photo/Agencies]
To solve the European debt crisis, "there is a continued need for joint action by all G20 partners in a spirit of common responsibility and common purpose," said European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy ahead of the summit in Cannes, France, on November3-4.
EU member states on Thursday agreed on a comprehensive set of measures, including bank recapitalization and enhancement of the firepower of the European bailout fund, to restore confidence and address the current tensions in financial markets.
"We will implement these measures rigorously and in a timely manner. However, whilst we in Europe will play our part, this cannot alone ensure global recovery and rebalanced growth," said Barroso and Van Rompuy in a joint letter to their G20 partners published on Sunday.
With world growth slowing and the global economic outlook darkening, all relevant countries need to renew this collective G20 spirit, they said.
The two EU leaders also outlined their objectives for the summit, which include helping restore global confidence, support sustainable growth and job creation, and maintain financial stability.