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EU president urges reform of IMF, opposes protectionism
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08:49, September 25, 2009

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European Commission President Jose Manuel Barroso on Thursday called for more progress on reforming the International Monetary Fund (IMF) and warned against protectionism in face of crisis.

In a statement ahead of the G20 financial summit, Barroso, who was in Pittsburgh for the event, urged strengthened role for the IMF. "The Pittsburgh meeting must put more flesh on the IMF's reinforced surveillance role."

Barroso, who heads the EU's executive body, called on the G20 to make progress on reforming IMF quotas and representation to rebalance voting rights at the IMF.

"All the world's largest economies should have a voice commensurate to their size," he said, adding that countries also must shoulder the responsibilities that go with their enlarged rights at the IMF.

Warning of the dire consequences of protectionism, Barroso said "previous economic crises have led to rampant protectionism. And at worst, to conflicts that have killed tens of millions."

Barroso called for cooperation among G20 members. The world economy can secure a gradual recovery next year only if leading nations cooperate to build a sustainable framework for growth, he said.

The EU chief called for continued globalization. "We can not and should not seek to stop globalization" that has created enormous wealth and pulled much of the world out of poverty, he said.

Urging the G20 to carry through the economic stimulus "that has ensured recession has not turned to depression," Barroso said the group should commit to coordinated exit strategies when the time comes "to get government finances back to health."

Barroso pushed for "significant progress in the fight against climate change."

G20 members need to make concrete proposals at the Pittsburgh meeting to ensure that the upcoming summit on climate change in Copenhagen can make meaningful decisions on global cuts in greenhouse gas emissions, he said.

The Pittsburgh summit opened here Thursday and last for two days. The third of its kind since the outbreak of the crisis last year, it will tackle the global financial crisis and expedite global economic recovery.

Source: Xinhua



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