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G20 agrees on eurozone overhaul

06-21-2012 09:22 BJT Special Report:President Hu Visits Denmark, Attend G20 Summit |

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The stakes couldn't be higher at the G20 summit this week with the world hoping against hope that global leaders might avert Europe from the brink of economic collapse. Over the two-day meeting in Los Cabos, Europe managed to secure support from the world's top leaders for an ambitious but slow-moving overhaul of the euro currency bloc. The group also issued a joint declaration after the summit.

The declaration says European leaders will take all necessary measures to safeguard the integrity and stability of the Eurozone and to improve the functioning of the financial markets. G20 members also promised to increase the firepower of the International Monetary Fund and to strengthen confidence in banks. Facing rising global uncertainties, leaders at least appeared united in their drive to restore growth and create jobs.

At the summit, France’s newly-elected president Francois Hollande said all the members had shown a willingness to help and trust.

Hollande said, "G-20 participants expressed their trust for the European Union and the Eurozone. We, Europeans, have set three points of common action: growth, financial stability and budget responsibility."

Europe intends to work on concrete steps to integrate its banking sectors. U.S. President Barack Obama said the sense of urgency amongst European leaders was clear and they knew what steps were needed to "break the fever" of an escalating debt crisis.

Obama said, "Our friends in Europe clearly grasp the seriousness of the situation and are moving forward with a heightened sense of urgency. Even if they can’t achieve all of it in one fell swoop, I think if people have a sense of where they’re going, that can provide confidence and break the fever."

The G20 summit also touched upon the issue of trade protectionism. Leaders have vowed to refrain from new protectionist measures so as to foster global growth.



Editor:Zhang Rui |Source: CNTV.CN

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