Europe and the financial crisis dominated the G20 summit in Mexico summed up by the fourth point of their 85 paragraph communique.
“Euro Area members,” it said, “will take all necessary policy measures to safeguard the integrity and stability of the area, improve the functioning of financial markets and break the feedback loop between sovereigns and banks.”
President Barrack Obama said at the conclusion:
“Our friends in Europe clearly grasped the seriousness of the situation and are moving forward with a heightened sense of urgency. I welcome the important steps they have taken already to promote growth, financial stability and fiscal responsibility. None of them are going to be a silver bullet that solves this thing entirely over the next week or two weeks or two months, but each step points to the fact that Europe is moving towards further integration rather than break-up.”
Coded language to perhaps once again underline Europe’s financial woes are continuing to impact beyond the continent. Europe is Washington’s main trading partner and it is election year in the U.S.
So how will the agreement in the form of words at the end of the summit translate into action, how and when will it come and can there be a united approach as time is in danger of running out.
“We Europeans, have set ourselves three common goals which we will convey to the EU summit at the end of the month. They are growth, financial stability and fiscal responsibility,” said
President Francois Hollande.
Chancellor Angela Merkel and the French President agreed at the summit in Mexico to accelerate moves towards creating a banking union between the 17 countries that use the single currency while she continues to call for political union.
“I have from my side once again made it clear that we need more Europe, expect a deepening of our cooperation, because the markets are moving together,” said Angela Merkel.
Analysts predict financial markets will face a tense few days to see whether the euro zone will be able to flesh out the details of the agreement struck at the G20 to drive down borrowing costs for debt-laden countries in the region.
World leaders await the EU summit to check whether Europe will keep its commitments to the international community.
- 1Migrant killed near Tunnel amid mass attempt to cross channel
- 2Man killed as 1,500 migrants try to enter Channel Tunnel in Calais
- 3Afghan Taliban leader Mullah Omar is confirmed dead
- 4Rome airport fully operational after forest fire affects flights
- 5Turkey keeps up pressure on PKK with more airstrikes
- 1Berlusconi linked with a shock return to government – in Russia!
- 2French actor Gérard Depardieu ‘a threat to Ukraine national security’
- 3Nasa announces the discovery of an earth-like planet
- 4Bobbi Kristina Brown, Whitney Houston’s daughter, dies
- 5Coach has its roof sheared off in low tunnel near Lille
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Russia unveils ‘straight’ flag, internet responds
- 3Seven reasons why Yanis Varoufakis is now a political legend
- 4Greek crisis: ‘Agreement reached’ after marathon talks
- 5Nasa announces the discovery of an earth-like planet
- 6[LIVE UPDATES] Greek debt deadline looms
- 7Is Saudi Arabia outlawing rainbows for being gay?
- 8Pluto: New Horizons space probe provides closest-ever pictures
- 9French actor Gérard Depardieu ‘a threat to Ukraine national security’
- 10Latest News Bulletin
- 11International news | euronews, latest international news
- 12International breaking news | euronews online world breaking news in video
- 13BREAKING: Formal nuclear deal reached with Iran, says diplomat
- 14Greece votes ‘No’ in overwhelming rejection of bailout proposals
- 15Berlusconi linked with a shock return to government – in Russia!
- 16At least 10 dead in explosion in Turkish town close to border with Syria
- 17Greece clinches deal with eurogroup after marathon talks
- 18‘Imposed’ bailout deal must be implemented, says Greek PM
- 19Istanbul Gay pride quashed by riot police, rubber bullets and water cannon
- 20Israel angry as Iran and West talk up nuclear deal
Wires > News
- 01:19 CET Authorities study plane debris found off Africa for links to…
- 00:49 CET Afghanistan says Taliban leader dead, urges peace talks
- 00:14 CET Top U.S. general says Iran deal lowers near-term atomic arms risk
- 21:24 CET Fabius, visiting Tehran, invites Rouhani to France
- 21:05 CET U.S. democratic presidential hopeful Clinton to call for lifting…
- 20:14 CET U.S., allies target Islamic State in Syria, Iraq with 14 air…
- 20:04 CET Taliban leader, who Afghanistan says is dead, a pious enigma
- 20:00 CET Syrian PM says power crisis worsens as militants target plants