G20 leaders, finance ministers and central bank governors meet in Toronto on 26 and 27 June for discussions on recovery from the global financial crisis.
European Commission President José Manuel Barroso will represent the Union, together with President of the European Council Herman van Rompuy. They travel to Toronto with clear EU priorities, communicated to the other members in a letter ahead of the meeting.
First on their agenda is finding a way to secure strong and sustainable growth. This is in line with the agreement reached by the G20 in Pittsburgh in September 2009, and which launched the Framework for Strong, Sustainable and Balanced Growth. The EU and the other G20 members agree on the need to develop a coordinated strategy for exiting the current crisis that will ensure policies as well as public finances are sustainable in the medium and long term.
The EU aims to make further progress in reforming the financial markets, as illustrated by the announcement that it will reveal the results of its banks' stress tests in July. The G20 will take stock of developments so far and consider new policy options to strengthen regulatory systems.
Also on the EU’s agenda is a tax on financial institutions, which the EU has invited its member states to introduce. While this could enhance burden-sharing and provide an incentive for financial players to contain risk, the EU stresses that discussions about such a tax system, as well as a global financial transaction tax, should also continue on an international level in order to maintain a level playing field.
The EU hopes the Toronto meeting will pave the way for real progress at the Seoul G20 Summit in November 2010, including support for worldwide trade without protectionist tendencies. Liberal trade is key to sustainable and balanced growth.
The G20 was established in 1999. It brings together political and financial leaders from 19 countries and the European Union. The G20 represents around 90% of global gross national product and 80% of world trade.