A two speed G20 summit remains divided over eurozone crisis

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A two speed G20 summit remains divided over eurozone crisis

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The G20 summit in Mexico has ended with a marked division between Europe and the rest of the world over how to solve the euro crisis.

EU leaders are slowly moving towards integrating banking sectors, while their world partners want a quicker paced pooling of economic sovereignty and support from the European Central Bank for struggling members.

France is being seen as tinkering about the edges with a controversial banking tax.

“I am hopeful that thanks to a reinforced cooperation with certain countries, we will launch a tax on financial transactions quickly, and when I say quickly, I mean for 2013,” said President Francois Hollande.

Syria was the other source of contention. Russia and China remain opposed to regime change despite President Obama’s optimism of a shift in position from bilateral talks with his Chinese counterpart.

“This will also give us the opportunity to discuss the situation in Syria and to arrive at a cooperative approach that can end the bloodshed there and lead to the kind of legitimate government that I think we all hope for,” said President Obama before the talks.

As G20 leaders prepared to return home the message presented was one of ‘work in progress’.
All eyes now turn to next week’s European Council meeting in Brussels where an action plan is expected.