March 20, 2009 / 1:19 PM / 10 years ago

FACTBOX - EU leaders' messages to G20 summit on April 2

(Reuters) - European Union leaders on Friday agreed their position for a G20 summit on April 2 on how to tackle the global economic downturn.

Below is a summary of the main EU messages to the Group of 20 industrial and developing countries, according to a final draft EU summit conclusions obtained by Reuters.


It calls on the G20 to:

* coordinate fiscal stimulus measures and implement them quickly. Reverse stimuli once the recovery takes hold.

* restore credit flows.

* ensure fiscal measures help longer-term objectives such as improving productivity.

* avoid protectionism. Reach a Doha trade deal.

* include small and medium-sized enterprises in aid schemes, in both the developed and the developing world. Support a multilateral initiative on trade finance.


The IMF should:

* monitor and promote the Action Plan adopted at the G20 Washington summit in November 2008.

* double resources so its members can handle balance of payments problems.

* reform decision procedures and management selection to reflect better the economic weight of member states. The same call goes out to the World Bank


The G20 should:

* strengthen transparency and accountability in the financial sector oversight.

* ensure appropriate regulation or oversight on all financial markets, products and participants that may present a systemic risk, notably private pools of capital, hedge funds and alternative investment vehicles.

* better regulate credit rating agencies.

* make credit derivatives markets more transparent

* fight tax evasion, financial crime, money laundering and terrorism financing. Ensure better cooperation from tax havens.

* adopt sound principles on corporate governance and wages to prevent excessive risk taking.

* improve supervisory cooperation, in particular through the establishing colleges of supervisors for all major cross-border financial institutions before the end of 2009.

* improve regulation relating to banks’ capital, to ensure banks build additional buffers of resources in good times, so that they are better equipped to face bad times.

* improve prudential rules and accounting standards.


The G20 should:

* promote global development

* honour commitments to increase development aid. Reaffirm commitment to deliver on the Millennium Development Goals. Meet aid-for-trade pledges and give duty-free and quota-free access to least developed countries.

* use other official sources of financing, such as export credits, investment guarantees and development-oriented support in research and technology, peace and security, migration and climate change.

* enable Multilateral Development Banks to help counter the effects of the crisis in developing countries.

Reporting by Jan Strupczewski; editing by Marcin Grajewski

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