EU leaders spell out positions at G20

European Union (EU) leaders on Wednesday spelled out their positions for the upcoming G20 summit in a last-minute call for coordination in exit strategies and renewed efforts to reform financial markets.

"Securing strong and sustainable growth remains our priority. This requires restoring confidence," EU President Herman Van Rompuy and European Commission President Jose Manuel Barroso said in a joint letter to the G20 partners.

The G20 summit in Toronto, Canada later this week comes at a crucial time for the 27-bation bloc, which is facing increased uncertainty over its economic outlook as it switches from stimulus to spending cuts to deal with a sovereign debt crisis among some members.

"Given the major risks that late exit from extraordinary fiscal stimulus would entail for public accounts' sustainability, at the Toronto summit, the G20 should agree on a coordinated and differentiated exit strategy to ensure sustainable public finances," Van Rompuy and Barroso said.

However, the EU's move to a swift fiscal consolidation is likely to prompt fierce debate in Toronto, with the United States voicing concern that an early exit from fiscal stimulus in Europe may undermine economic recovery worldwide.

After explaining European determination to ensure fiscal sustainability in a growth-friendly way, the two EU leaders said they expected all major economies to do their part to achieve the agreed objective of strong, sustainable and balanced growth.


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