Barroso calls for G20 cooperation on world economic issues

19:28, November 11, 2010      

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European Commission President Jose Manuel Barroso said on Thursday that cooperation, not confrontation, must be motive for Group of 20 (G20) talks on world economic issues.

"The G20 is not a war game, not even a war of words game," he told a news briefing. "It is a team play for the benefit of citizens around the world."

Also at the news briefing, Herman Van Rompuy, president of the European Council, said that the G20 should work together to overcome the challenge they are faced with.

Barroso believed that growth and jobs are at the center of the G20 concerns and the group should continue to fight against all forms of protectionism.

On development, Barroso supported the idea of South Korea, which, as the host of the G20 summit, set the development issue on G20 summit agenda. He regarded the new paradigm linked development with growth, trade and investment.

"I believed, indeed, the G20 should move beyond its confines and see what we can do for the wide world, having in mind, specifically, the least-developed countries," Barroso added.

Earlier on Thursday, Angel Gurria, secretary-general of the Organization for Economic Co-operation And Development, told reporters that the world should pay more attention to the issue of development. The approach to address the issue is not only through aid but through development, he said.

Barroso also told the news briefing that G20 leaders need to use their summit to question U.S. President Barack Obama on why the Federal Reserve launched a second round of monetary easing, buying 600 billion U.S. dollars of government debt.

"I think it is important during the G20 summit to listen to President Obama and get a better understanding of the different aspects behind the decision of the Federal Reserve," he said.

"It is especially important to avoid negative spillover effects from action taken by one country on the rest of the world," he added. He told the briefing that EU stood ready to support Ireland "in case of need", after Irish bond yields soared to record levels on public debt fears.

"What is important to know is that we have all the necessary instruments in place now to support Ireland if necessary," he said. Irish bond yields saw their biggest one-day leap on Wednesday since the launch of the euro in the face of mounting investor unease at the country's shaky public finances, placing the European bond market under serious strain.

Source: Xinhua


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