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Upcoming G20 summit to focus on Europe's debt crisis

06-14-2012 10:29 BJT Special Report: President Hu Visits Denmark, Attend G20 Summit |

Leaders from advanced and emerging economies will attend next week's G20 summit in Los Cabos Mexico.  On Wednesday, both Mexican President Felipe Calderon and EU Commission President Jose Manuel Barroso issued separate statements, saying Europe's debt crisis has to top the G20 agenda. Barroso called it a "social emergency."

G20 members gathering in Mexico will address the global economy and issues including trade, financial reform and jobs. But top of the agenda will be the Eurozone and its debt crisis that’s become an international headache.

On Wednesday Mexican President Felipe Calderon said he hoped leaders will unveil a plan of action for Europe.

Mexican President Felipe Calderon said, "A source of concern is the eurozone crisis and that despite recent efforts it hasn't been solved yet; and that's an ongoing source of preoccupation for the global financial system as a whole."

 The Obama administration has also voiced concern over the eurozone’s patchy response to its money problems, which has weighed down U.S. financial markets, and stunted growth in emerging economies.

EU officials say they’re listening.

Barroso said, “We won’t be complacent about our difficulties, we’ll be open about it”

 But Commission President Barroso warned against blaming the EU for economic problems elsewhere in the world.

Barroso said, “We can't expect others to point the finger at the EU as a source of global problems.”

The G20 will also discuss commitments to boost the International Monetary Fund’s firewall from 430 billion, to 1 trillion dollars.  But the U.S. and Canada oppose making any new contributions to the fund, demanding that Europe deal with its debt on its own.

 A view shared by Director of the think tank CEPS, Daniel Gros, who believes outside help could in fact hurt Europe’s recovery.

Daniel Gros said, "There is a strong push to have other countries outside the eurozone to contribute to the Euro-area rescue operations, but I would argue that that’s actually going to be counterproductive. The more Chinese, Mexican or other money flows into the eurozone, the stronger the Euro will become and the more difficult it will become for Italy or for Spain to export their way out of their current problems.”

 Some though remain skeptical that talks in Mexico will offer any new solutions, especially ahead of an upcoming summit in Brussels, and key political elections in Europe.
 
Reporter: "EU officials will also repeat their wish for Greece to remain in the Euro, but the G20 gathers on the eve of Greek elections - where a win by anti-austerity parties could threaten Greece's membership. It's why EU leaders will also go armed with a message of confidence - come what may."

Editor:James |Source: CNTV

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