Brussels, 27/04/2009 (Agence Europe) - In a common resolution from the EPP-ED, PES, ALDE and UEN groups on the G20 summit conclusions, the European Parliament underlines that the commitments taken must be respected in full, rapidly implemented and explained earlier on. This resolution was approved on Friday 24 April by 308 votes for, 30 against, with 25 abstentions. It calls for a serious follow-up (at the next G20 in New York next autumn) to the London meeting results (EUROPE 9875).
After the previous day's debate (EUROPE 9888), MEPs pointed out that the job of global leaders is not to “patch up” the current financial and economic system but to seek out a new balance in the regulatory framework by taking into account environmental and social viability, resources and the relaunch of global economic growth and job creation. After having looked at the satisfactory elements in the G20's final press statement, the resolution highlighted certain points that still need tackling. The EP considers that the G20 should have examined the problem of global trade imbalances and the financial system that played a fundamental role in the current economic crisis. It is also calling on the next G20 summit to organise coordinated and concrete action to close down tax havens and rules-free territories in an attempt to rectify “onshore” tax and regulatory shortcomings. MEPs are also asking the Commission to assess the increase in the IMF's special drawing rights that may prove necessary and for the ECB to assess the effects of this expansion on global price stability. They were also very critical of the G20's promises on aid to trade and Official Development Aid (ODA), which they regard as insufficient (there was no specific commitment for additional funding to aid to trade). MEPs also want the next G20 summit to explore reforms of the WTO's system of trade and governance. (A.B./transl.rh)