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G20 CALL TO EUROZONE.

The leaders of Australia, Canada, South Korea, Indonesia, Mexico, South Africa and the UK have asked eurozone countries to strengthen their banking system in a letter addressed to the other countries of the G20, which is set to meet in a summit in Cannes, France, in November, under Nicolas Sarkozy's presidency.

"Eurozone governments and institutions must act swiftly to resolve the euro crisis and all European economies must confront the debt overhang to prevent contagion to the wider global economy added the leaders," said the letter. The US, as the world's leading economy, also has a role to play in restoring confidence, they concluded.

The Elysee released a statement indicating that Sarkozy felt that "the resolution of the crisis affecting the eurozone must be part of an overall strategy of global growth, which he intends to promote during the G20 summit in Cannes," on 3-4 November. The leaders indicated that they support the objectives of the French president and give him their "full support".

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Publication:European Report
Article Type:Brief article
Geographic Code:4EUUK
Date:Sep 23, 2011
Words:164
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