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Euro zone crisis expected to dominate G20 summit

06-14-2012 19:28 BJT Special Report:President Hu Visits Denmark, Attend G20 Summit |

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China says it hopes the G20 summit next week in Mexico will lift Europe's confidence in restoring economic stability. The Euro zone crisis is expected to dominate the summit. But some remain skeptical that the leaders of the world's top economies will unveil any new solutions.

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 Euro zone 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.

Felipe Calderon, Mexican President, said, "A source of concern is the Euro zone 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 Euro zone’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.

Jose Manuel Barroso, President of EU Commission, 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.

Jose Manuel Barroso, President of EU Commission, 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 Fros, Director of Center for European Policy Studies, said, "There is a strong push to have other countries outside the Euro zone 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 Euro zone, 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.

The G20 gathers on the eve of Greek elections - where a win by anti-austerity parties could threaten Greece’s membership. It’s also why EU leaders will also go armed with a message of confidence - come what may.

Editor:Wang Chuhan |Source: CNTV.CN

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