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Financial market reform, restoring growth to top EU agenda in G20 summit

10-11-2011 10:25 BJT Special Report:Chinese President Hu Jintao Visits Autria, Attend G20 Summit |

BRUSSELS, Oct. 10 (Xinhua) -- European Commission President Jose Manuel Barroso and European Council President Herman van Rompuy on Monday said implementing financial market reform and restoring growth would top the European Union (EU)'s agenda in G20 summit early next month.

In a joint letter issued here Monday, both leaders vowed to make the International Monetary System more resilient, and boost trade as the most effective way to support global growth.

The EU will also propose the idea of a financial transaction tax, something the 27-member bloc would try to make a norm among G20 nations.

According to the letter, van Rompuy and Barroso considered the G20 in Cannes as a good opportunity to pursue their ideas, especially under the French Presidency.

"Europe should be proud to have been instrumental in the creation of the G20 process, the fact that France holds the G20 Presidency this year gives Europe a special responsibility," the letter said.

Meanwhile, the two leaders warned of a possible spillover of the eurozone debt crisis on the global economy.

"We need to show them that the European Union is determined to do whatever necessary to overcome the current difficulties. At the same time, we will also demand from our G20 partners a constructive contribution to face the global economic challenges," the letter read.

The two leaders also proposed to enhance the social dimension of globalization, ensure food security, and improve global governance.

Editor:Sun Luying |Source: Xinhua

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