The European Union, a full member of G20 group along with four of its member states – France, Germany, Italy and the United Kingdom will push for an agreement on a consistent set of growth strategies at the G20 summit in Brisbane (Australia), to be held on November 15-16. At the first G20 summit to focus on supporting economic recovery after years of fighting with global crisis the EU should also work towards strong resultsto deliver outcomes on resilience – completing corefinancial reforms and actions on tax and anti-corruption as well as strengthening cooperation with G20 partners on trade and energy.
The EU will be represented at the summit at leaders’ level by the President of the European Commission, Jean-Claude Juncker, and the President of the European Council, Herman Van Rompuy.
The European Union set out its views on the G20 agenda in a joint letter of the Presidents of the European Commission and the European Council sent on October 21:
“The world economy continues to face significant challenges and we must continue to work to set growth on a higher, more stable and resilient path. The world has not yet recovered from the global financial crisis. This is why we need to agree on a consistent set of G20 growth strategies which help to put the G20 collectively on a higher growth trajectory overall,” the EU leaders said.
“We will push in Brisbane for the adoption of a strong Brisbane Action Plan on Growth and Jobs that draws upon the comprehensive growth strategies put forward by G20 members. G20 members should commit to fully implement the measures set out in their G20 growth strategies, and add new reforms where necessary,” they added.
The EU will also make sure that G20 members continue their efforts to improve their fiscal strategies, so as to support growth and jobs, while putting debt as a share of GDP on a sustainable path, as agreed in St. Petersburg.
The EU’s contribution to the G20 Action Plan consists of finalisation and implementation of a genuine Banking Union; improving access to long-term investment finance in the EU as part of deepening of capital markets; addressing high unemployment, in particular youth unemployment and facilitating labour mobility; further integrating the Single Market; and advancing the multilateral and bilateral trade agenda.
“We will underline in Brisbane that fostering overall investment is a top priority for the EU,” the two Presidents said.
The G20 leaders’ process was born after ajoint EU-US initiative back in 2008 to tacklethe global financial crisis. The EU has its own seat at the G20 tablebecause it is one of the largest global economicareas with specific competences intrade matters, economic policy and financialregulation, development, energy and climatechange.
Australia is the current holder of the G20presidency and Prime Minister Tony Abbottwill chair the G20 leaders’ summit in Brisbane(Queensland).Turkey will hold the G20 presidency in2015 and will host the tenth edition of theG20 leaders’ summit.
The EU remains the largest economy in theworld, with a per capita GDP of €25,700 forits more than 507 million consumers, whichrepresents a €13.5 trillion economy. Thanks to the openness of its trade regimethe EU remains the biggest player on theglobal trading scene and a good region to dobusiness with. It is the top trading partnerof more than 80 countries, among them theUnited States, China, Russia, India, Brazil,South Africa.
The EU’s views on the G20 agenda: http://europa.eu/rapid/press-release_MEMO-14-600_en.htm
