Don't miss

Replay


LATEST SHOWS

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

FRANCE IN FOCUS

French education with a difference: Teachers who think outside the box

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

Read more

BUSINESS DAILY

DAVOS 2017: Summit overshadowed by geopolitical changes

Read more

Business Europe

EU determined to pursue ambitious agenda, says Sarkozy

Video by Yuka ROYER

Latest update : 2009-03-20

All 27 EU members are united to pursue their ambitious agenda at the G20 summit, French President Nicolas Sarkozy said on Friday. European Union leaders meeting in Brussels have agreed to contribute 75 billion euros to boost the IMF.

Reuters - European Union leaders agreed on Friday to provide 75 billion euros ($103 billion) in new loans to the International Monetary Fund as part of a G20 effort to boost the lender's firepower for fighting global recession.
 

The leaders also agreed at a two-day summit to double a crisis fund for struggling EU member states to 50 billion euros ($68.5 billion). Latvia and Hungary have already had access to the fund and Romania is expected to seek help.
 

But a draft summit declaration brushed off U.S. pressure to increase the size of European economic stimulus plans and said the priority remained to see through existing recovery plans and exercise budgetary restraint.
 

"Now it is time to implement all those packages and promises, so I don't think it's time to create some more packages," Estonian Prime Minister Andrus Ansip told reporters at the Brussels summit.
 

British Prime Minister Gordon Brown, who will host a summit of the Group of Twenty leading and emerging economies on April 2, said the new loans to the IMF were to be provided for emergency situations.
 

"It is money that is to be made available if it is needed as a loan to the IMF. ... It allows the IMF to intervene where countries are in difficulty," he told reporters.
 

Irish Prime Minister Brian Cowen and others dismissed comments by a German parliamentarian who said the European Central Bank had drawn up a plan to prevent member states that use the euro currency going bankrupt, with Ireland and Greece top candidates for aid.
 

The European Central Bank said information about its role in the purported plan, outlined by Otto Bernhardt of Germany's ruling conservative party, were untrue.
 


 

RESISTANCE TO PRESSURE ON STIMULUS PLANS
 

The 27-nation EU faces growing unemployment, falling production and increasing signs of public discontent over the economic crisis.
 

Unions said 3 million people took part in protests in France on Thursday and governments have fallen in two member states, Latvia and Belgium, since the global economic crisis began.
 

But EU leaders made clear they would not follow U.S. moves to boost existing recovery measures after the Federal Reserve pledged an extra $1 trillion on Wednesday to help the U.S. economy.
 

Reflecting European calls for tighter regulation to avoid a repeat of the financial crisis, the final draft called for "appropriate regulation and oversight of all financial markets, products and participants that may present a systemic risk".
 

French President Nicolas Sarkozy said EU leaders had agreed to implement reforms this year based on proposals put forward by the De Larosiere group, a high-level European consultative panel, last month.
 

"On Larosiere, legislative decisions by the end of the year," Sarkozy said.

Date created : 2009-03-20

COMMENT(S)