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MEMO/10/574

Seoul, 12 November 2010

Joint statement of European Commission President Barroso and European Council President Van Rompuy at the end of the G20 summit in Seoul

"We participated today at the G20 Summit chaired by Korea.

We had set out the EUs joint position in our joint letter to G20 leaders of 5 November.

We are satisfied with the outcome of the summit. The EU wanted this summit to make progress on joint action to boost global growth and jobs. We are pleased that the Seoul Action plan commits the G20 further to global action for balanced growth. The Action Plan is a clear recognition of our joint responsibility. All major economies have agreed to do their part to achieve rebalancing to tackle imbalances. We will strengthen the mutual assessment process to promote external sustainability

We have committed to reducing excessive imbalances and maintaining current account imbalances at sustainable levels.

Our method to use indicators to trigger an assessment of macro-economic imbalances and their root causes was backed by the G20 leaders.

The EU being in the process of adopting a robust mechanism to address macro-economic imbalances will continue to bring in its experiences. The EU helped to build a consensus on cooperative solutions to tensions on currency issues and trade. Leaders agreed to move to more market based exchange rates and enhance exchange rate flexibility to reflect underlying economic fundamentals and refrain from competitive devaluations. This is what we called for in our joint letter. We are also happy with the commitment to fight protectionism in all its forms and complete soon the end game of the Doha Development Round. It was important for the EU to place development firmly on the agenda of the G20. We achieved this with the Seoul Development Consensus for Shared Growth, interlocking development, trade and investment.

The G20 summit endorsed the IMF reform. The EU welcomes this reform, to which its Member States have contributed decisively. By endorsing the Basel III reform, the G20 also kept up the momentum for global financial regulatory reform, a key priority for the EU.

We also welcome the conclusions of the G20 summit regarding CancĂșn, namely the willingness to spare no effort to reach a balanced and successful outcome of the climate negotiations."


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