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Merkel, Sarkozy seek common EU position ahead of G20

Text by FRANCE 24 (with wires)

Latest update : 2009-08-31

In a joint press conference from Berlin on Monday, German Chancellor Angela Merkel and French President Nicolas Sarkozy stated the need for a unified EU position on international finance reform ahead of the G20 summit in September.

AFP - France and Germany want the EU to agree on a common position ahead of the G20 summit in Pittsburgh on September 24-25, President Nicolas Sarkozy and Chancellor Angela Merkel said Monday.
The two leaders said after talks in the German capital that they were sending a joint letter to current EU presidency holder Sweden urging the bloc to hammer out on a common line.
Sarkozy added they had proposed an European Union meeting for September 17.
"We are aware that there is an agenda (for the G20 summit) being prepared, but it is still unclear whether it will produce the necessary results," Merkel told reporters.
"Therefore France and Germany have agreed to launch a common initiative, firstly in the direction of the Swedish EU presidency. We will make clear in a joint letter being sent tomorrow (Tuesday) that we want to work out a common position for Pittsburgh," Merkel said.
Merkel said that France and Germany want measures on financial regulation agreed at the last G20 summit in London in April to be implemented "fully", and for progress on limiting bankers' bonuses and ensuring that "no bank can get so big that it can blackmail a government."
The Group of 20 summit to be held in the US city of Pittsburgh is aimed at curbing the kind of excesses that brought the global financial system close to collapse late last year.

Date created : 2009-08-31