P&I/2009/003

Speech By Jose Manuel Durao Barroso, President of the European Commission
London G20 results: 'much more ambitious than expected': President Barroso's remarks at press conference.

G20 London Summit
London, 2 April 2009

This has been a defining moment for the world's crisis response. I pay tribute to Gordon Brown and Great Britain, which has shown its true qualities in the organisation and success of this summit.

Our concern is people's jobs, prosperity and futures, and we have delivered decisions to protect these.

We have taken responsibility to map a way out of this crisis. To re-build the confidence and credibility we need to put the world economy back on track. Swiftly, with determination and with unity.

The European mark is clear in the conclusions. With our friends and partners, a united EU is driving this process. We have met the five tests I set prior to the summit.

- First, do what is necessary to restore jobs and growth - we are ensuring a coordinated fiscal stimulus;

- Second, repair and strengthen the financial system. There can be no shadow banking system, no shadow economies - we are ensuring a confidence stimulus;

- Third, strengthen our global financial institutions and their resources - we are ensuring a governance stimulus;

- Fourth, a rejection of protectionism and a commitment to open markets and to a Doha deal - we are ensuring a trade stimulus;

- Fifth, we have committed to a sustainable, low carbon recovery for all. We need action to make sure the poorest of the world do not pay for a crisis created elsewhere - we are ensuring a development stimulus.

Europe will continue to shape the recovery with concrete steps.

Next week the European Commission will frontload aid for developing countries.

On 21 April we will come forward with initiatives on executive pay, hedge funds and private equity;

On 7 May - we will define common principles to preserve and create jobs at the employment summit;

Still in May, we will propose the new financial supervision structures so that the June European Council can agree on the architecture that we want in place by 2010;

We have agreed to work with our G20 partners for a breakthrough on Doha in la Maddalena in July, where the G-8 will meet with leaders of key emerging countries.

The decisions taken today are much more ambitious than was expected. That is the result of hard work but also of the spirit in which the discussions were conducted.

This is not a collection of individual initiatives but a collective action. I am delighted to see that the decisions taken by the European Union at the European council on 19-20 March are very well reflected in today's conclusions.

Those conclusions are a real signal of energy and coordination.

There can be no miracles. But citizens can wake up tomorrow knowing that things will change. We will not allow this crisis to happen again. And in the coming weeks and months we will implement the necessary steps to repair our global economy and get it back on its feet.

We have said what we will do; now we will do what we say.






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