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Europe to tell G20 it will resist protectionism -document
March 13, 2017 / 11:58 AM / 9 months ago

Europe to tell G20 it will resist protectionism -document

BRUSSELS, March 13 (Reuters) - European officials will tell the world’s financial leaders this week that they will resist protectionism and that financial rules introduced after the 2008 crisis must be kept, a document said in remarks that appeared aimed at the United States.

The paper, prepared by European Union finance ministers, sets out the position for all European delegations for the G20 meeting of finance ministers and central bankers in Baden Baden on March 17-18.

“We reaffirm our commitment to keep the global economy open, resist protectionism and keep global economic cooperation on track,” said the document, seen by Reuters.

“Moreover, we support a rules- and market-based international economic order with sound multilateral institutions.”

An early draft communique for the G20 meeting showed on March 7 that the world’s financial leaders may no longer explicitly reject protectionism or competitive currency devaluations. Instead, following the change of administration in Washington, they may promise only to keep an “open and fair international trading system”. (Reporting by Jan Strupczewski; Editing by Catherine Evans; Editing by Catherine Evans)

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