Brussels, 31/07/2009 (Agence Europe) - The first meeting of the EU-Brazil dialogue on macro-economic and financial policies, held in Brasilia on 16 July, discussed the impact of the crisis on the economies of the two regions and recovery measures put in place to tackle the socio-economic consequences of the recession. In a joint statement, the partners said it was“important to continue to implement structural reform measures in order to increase sustainable growth”, while underlining “the need to start designing appropriate exit strategies to withdraw stimulus and ensure medium-term fiscal sustainability”. In their discussions on the G20 agenda for the reform of international financial architecture (see EUROPE 9875), the two agreed that executive remuneration had to be linked to risks undertaken, that there was a need for transparency in the use of derivative products, and that it was important to find a solution to the problem of the pro-cyclicality of certain financial rules. They called for reform of the International Monetary Fund (IMF) and the World Bank that took account of the changes in relative weights in the world economy and strengthened the voices of developing countries in these two institutions. A second meeting of the EU-Brazil macro-economic dialogue will be held in Brussels in 2010, with a bilateral meeting focusing on financial services scheduled for Brasilia in October of this year. (M.B./transl.rt)