Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Ebola virus : Liberia shuts most border points

Read more

MEDIAWATCH

"What would you do?"

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

#TECH 24

Internet of Things

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Tripoli threatened by out of control blaze

    Read more

  • Moroccan police arrest French al-Qaeda recruiter

    Read more

  • US, EU agree on tougher sanctions package against Russia

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

  • Thousands gather in Marseille in support of Israel

    Read more

  • As France’s Carrefour pulls out, what next for India’s retail market?

    Read more

  • Liberia tightens border controls to curb Ebola outbreak

    Read more

  • The centenary of Austria-Hungary’s calamitous last hurrah

    Read more

  • Nibali joins elite group with Tour de France win

    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)