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'G20 meeting is a step on the way' - EU presidency

Sat, Sep 26 2009 10:31 CET

byClive Leviev-Sawyer

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'G20 meeting is a step on the way' - EU presidency

Sweden's prime minister Fredrik Reinfeldt speaks at the end of the G20 Summit in Pittsburgh, Pennsylvania, September 25 2009.

The G20 meeting in Pittsburgh has constituted a step forward, the leaders of the world agreed on the main features in the common regulations of the financial markets, and so the first strides towards a more sustainable financial systems were taken, according to the senior representatives of Sweden, current holder of the rotating presidency of the European Union.

Swedish prime minister Fredrik Reinfeldt and finance minister Anders Borg who, together with the European Commission José Barroso presented the EU perspective at the G20 summit, gave their view of the discussions in Pittsburgh in an article in Sweden's Svenska Dagbladet.

"Our message was clear in Pittsburgh. We do not want to support our banks with taxpayers’ money - but as banks have a central role in our economic system, we are, to a certain extent, forced to do this. If we do, we have to ensure that they follow the established rules so that they are no longer able to risk the functioning of the system. We must ensure that the risks associated with reward systems are carefully monitored. The risks are far too great when the mistakes of a handful of people can affect the whole of our society.

"We arrived in Pittsburgh with a clear mandate from the EU, well prepared and united. We left with an agreement on binding rules on bonuses.  And so we are sending a clear signal to the financial system: The bonus culture must come to an end. The supervision of financial markets must be strengthened."

The climate issue too, was discussed at the meeting, the article sai. The EU has expressed strong concerns that international climate negotiations are proceeding too slowly and that there is a risk that the negotiations will stall in Copenhagen.

"Despite this, the G20 meeting has constituted a step forward. The leaders of the world agreed on the main features in the common regulations of the financial markets. And so the first strides towards a more sustainable financial systems were taken. It does not resolve the problems and challenges we are facing, but is an important foundation to build on. It gives us the opportunity to fight the unemployment that has followed in the wake of the financial crisis. And it also removes one of the obstacles for the world to unite and take action on the climate issue," according to the article.

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