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MEMO/09/325

Brussels, 8 July 2009

Statement of President Barroso on the world economy following the G8 first working session in L'Aquila

Coming out of the first working session of G8 leaders in L'Aquila, José Manuel Barroso stated:

We need to continue the global response to a global crisis and we then need to carry that through and ensure a coordinated recovery. Today's session provided further impetus to that. There are signs that the strong policy action taken so far is beginning to work, at both European and global level. But economic activity remains very weak and the full effects of the crisis on employment are still to come. This is a matter of great global concern, and I am happy that today's G8 statement addresses this.

While we should together prepare crisis exit strategies, it is premature to exit now. Priority must still be given to fully implement agreed measures to support economic activity.

We need public and private investment, especially in low carbon technology and other technologies of the future. We have to get banks lending again to achieve that.

Progress in trade negotiations would also give a significant contribution to worldwide growth. I'm therefore calling for a conclusion of the Doha Development Round in 2010 and looking forward to our discussions tomorrow on how we can move forward towards this deal.


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