Saturday

23rd Sep 2023

EU to G20: We will not take 'economic lessons'

The EU is not prepared to take economic lessons from its G20 partners, the president of the European Commission said Monday (18 June) amid international fears the eurozone crisis could put the global economy back into recession.

"Frankly we are not coming here to take lessons on democracy or on how to handle the economy," said Jose Manuel Barroso ahead of a G20 meeting in Mexico, where the eurozone crisis was expected to play a central part in discussions.

Read and decide

Join EUobserver today

Become an expert on Europe

Get instant access to all articles — and 20 years of archives. 14-day free trial.

... or subscribe as a group

With Washington in particular making increasingly pointed comments about how the 17-nation club is tackling its two-year-long debt crisis, Barroso noted that the US is the original source of problem.

"The crisis did not originate in Europe ... this crisis was originated in North America. And many [in] our financial sector were contaminated by unorthodox practices from some sectors of the financial market."

He added that this is why he expected the G20 - a gathering of the world's major economies - to "speak very clearly in favour" of the approach the EU is taking.

Barroso also hit back at the barely-concealed exasperation at how slowly the eurozone takes decisions, with the crisis having moved from the relatively small economies of Greece, Ireland and Portugal to threatening Spain and Italy.

"In Europe we are open democracies. Not all members of the G20 are open democracies. We are certainly not coming here to receive lessons."

He was backed up, with milder words, by Herman Van Rompuy, President of the European Council.

"We are correcting our internal balances and a lot of other countries have to correct their huge external imbalances," said Van Rompuy. "We are not the only ones responsible for the economic problems all over the world."

Van Rompuy also pointed out that Europe is expected to return to growth next year after suffering a "mild recession" this year.

Both he and Barroso called on G20 partners to make good on pledges to contribute to a $430 billion firewall to help contain Europe's crisis - with China and Brazil among those who so far have not said how much they will pay towards the measures.

Asked why others should help bail out what is one of the richest regions in the world, Barroso said that it is in their interests to see Europe "stabilised."

Meanwhile, international partners were told not to expect a departure from the eurozone's incremental approach to dealing with its crisis.

When EU leaders meet for their summit next week they will "not take definitive decisions," said Van Rompuy. Instead they will "prepare the work" for economic and monetary union, with "banking integration" likely to be the area where the fastest progress can be made.

As for the rest - fiscal and economic integration as well as "democratic legitimacy" - this will depend on whether it involves a time-consuming treaty, said Van Rompuy.

"The most important thing is that we should willingness to correct the policy infrastructure. The pace is less important than the decision we make."

Latest News

  1. Europe's energy strategy: A tale of competing priorities
  2. Why Greek state workers are protesting new labour law
  3. Gloves off, as Polish ruling party fights for power
  4. Here's the headline of every op-ed imploring something to stop
  5. Report: Tax richest 0.5%, raise €213bn for EU coffers
  6. EU aid for Africa risks violating spending rules, Oxfam says
  7. Activists push €40bn fossil subsidies into Dutch-election spotlight
  8. Europe must Trump-proof its Ukraine arms supplies

Stakeholders' Highlights

  1. International Medical Devices Regulators Forum (IMDRF)Join regulators, industry & healthcare experts at the 24th IMDRF session, September 25-26, Berlin. Register by 20 Sept to join in person or online.
  2. UNOPSUNOPS begins works under EU-funded project to repair schools in Ukraine
  3. Georgia Ministry of Foreign AffairsGeorgia effectively prevents sanctions evasion against Russia – confirm EU, UK, USA
  4. International Medical Devices Regulators Forum (IMDRF)Join regulators & industry experts at the 24th IMDRF session- Berlin September 25-26. Register early for discounted hotel rates
  5. Nordic Council of MinistersGlobal interest in the new Nordic Nutrition Recommendations – here are the speakers for the launch
  6. Nordic Council of Ministers20 June: Launch of the new Nordic Nutrition Recommendations

Join EUobserver

Support quality EU news

Join us