Barroso stressed that before the G20 Toronto meeting the EU should have an agreement on some of the key financial services regulation files (hedge funds, bank capital, CRD). It is also essential to agree on the supervision package so that the authorities can be up and running from 2011.
Barroso believes that, with regard to Greece, it is essential that financial markets act on fact, not on fiction. The decision reached yesterday by the Euro Zone was extremely important.
On Europe 2020, he is delighted with the agreement based on the Commission proposals. The EU has now set the agenda for a smart, sustainable and inclusive Europe.
As regards the G20, the EU can take a large share of the credit for giving the impetus to the G20 and feeding its ideas. In fact, it was a process that started, at summit level, through an EU initiative. He believes the unity of all G20 members is critically important. It was important to represent the 27 member states as well.
For the agenda of the G20, Barroso intends to carry on making the case for openness and cooperation within a level playing field. To sustain the exit means supporting global recovery and putting the financial markets on the sound footing they need. This is in the best interests of Europe and the global Community.
That is why before Toronto we should have agreement on some of the key financial services regulation files (hedge funds, bank capital, CRD). And of course it is essential to agree on the supervision package so the authorities can be up and running from 2011.
Barroso thinks it is very important that Europe concludes its own work, so that we can go to Toronto and show to our partners what we really have already done in terms of regulation and supervision, so that we are in the position to have a real level playing field globally. At the same time, it is very important hat leaders in G20 do not water down their ambitions.
There are some worrying signals: we see that since the crisis it is not so acute as it was some time before, there is not probably the same commitment from all the parties to keep the emphasis on financial reform supervision and establishing this level playing field also fighting protectionism.
It is important to have some new ideas. We are working on them, namely I think we should push the G20 forward addressing the burden of bank repair, including through levies on banks to feed resolution funds and derivatives.
© European Commission
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