Sumario: 26 September 2009, Pittsburgh - Statement by José Manuel BARROSO, President of the European Commission, on the results of the G20 meeting
I came to Pittsburgh to secure a real commitment from the G20 to a sustainable, ethical and balanced global economy. These values must guide our future decisions as the G20 becomes the central global economic policy forum. Having seen the central role played by the EU in the creation of the G20 at leaders' level a year ago, I am particularly happy with the decisions taken today and the new permanent role of the G20.
The G20 has shown its worth by helping to avoid an economic meltdown. But we are not yet out of the crisis, with far too many people still losing their jobs. This is no time for complacency or a return to business as usual. It is time for delivery and a new global order reflecting the reality of economic interdependence.
I believe we have established the foundations for global rules which will allow the world to prosper through open markets and resist the temptation of protectionism.
We have the right basis also to support the developing world and in particular to achieve the Millennium Development Goals.
We have agreed to tighter coordination of our main economic policies. The G20 is the right place to drive the global recovery forward and deliver a coherent exit strategy. We need modern international financial institutions that can deliver and push through the implementation of our commitments.
We have agreed to rein in exorbitant bonuses and hold international finance to account. Financial markets must concentrate on ethical long-term investment not reckless short-term gambling. Europe is leading the way and is offering a model of financial supervision and smart regulation which can inspire others.
But we will only achieve a full and sustainable recovery if we also tackle climate change and kick-start trade. This is a test of credibility for the G20 - failure is not an option. I do not hide my concern at the slow rate of progress. Negotiations cannot be an open ended process. It's time to get serious now, not later. The next G20 must be able to look back at a successful Copenhagen Conference and look forward to the positive impact of a trade and development deal.
See also the full Leaders Statement from the Pittsburgh Summit