EU Urges G-20 to Act on Imbalances

Wall Street Journal
October 30, 2011

This week's summit of the Group of 20 industrial and developing nations in Cannes must match Europe's crisis-resolution efforts and address long-standing issues that hamper the global economy, key European leaders said in a letter to their G-20 partners late Saturday.

European Council President Herman Van Rompuy and European Commission President José Manuel Barroso cited the decisions made at last week's euro-crisis summit—including the write-down of 50% for Greek bond holders, the leveraging of the European bailout fund and longer-term plans to strengthen economic governance in the European Union—as the kind of coordinated action needed to help revive the world economy.

"The EU's contribution to Cannes is the above-mentioned package to ensure the stability of the euro area. But more needs to be done at the global level," Messrs. Van Rompuy and Barroso wrote.

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