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EU to coordinate for Pittsburgh G20 Summit

2009/09/16

Sweden, together with the Commission, will represent the EU at the G20 summit in Pittsburgh on September 24-25. This morning, I informed the European Parliament about the preparations and discussed the coordination of EU positions with Members. Tomorrow, the Prime Minister is to host a dinner with Heads of State and Government to coordinate the EU policies.

We have already taken a number of strong measures, such as of the stimulus package, increased resources to the IMF and the coordinated regulation of financial markets. We can now be cautiously hopeful that, as far as the actual financial crisis is concerned, the worst is behind us. However, we face a serious problem in rising unemployment.

The Presidency expects that further steps should be taken at the G20 summit, in terms of coordinated regulation of financial markets. One issue that several European ministers have raised is that bonus systems sometimes lead to increased risk-taking. We hope to come up with proposals on principles for bonuses for Pittsburgh. Furthermore, it is important to think about how we can re-balance the state budgets following this extreme situation. We are currently reflecting on so-called exit strategies. The climate issue will of course also be included on the G20 agenda. We must take a step forward to resolve the financing of climate action.

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