Thomson Reuters
HIGHLIGHTS-EU leaders' pre-G20 summit in Brussels
09.17.09, 02:45 PM EDT
BRUSSELS, Sept 17 (Reuters) - The following are comments by European Union leaders in connection with their meeting on Thursday in Brussels, held to prepare for next week's Pittsburgh summit of the Group of 20 developed and emerging economies.
GERMAN CHANCELLOR ANGELA MERKEL:
On a global tax on financial market deals:
'Such a tax is reasonable on an international level. We will see if we find a common European position on that tonight.'
'For me what is paramount is that no bank and no financial institution can blackmail states.'
'Second, that we accomplish limits on bonus payments and uniform rules.'
'Third, that we draw lessons from the crisis and work on a charter for a sustainable economy.'
'I am optimistic that we can make clear that bonus payments have to be linked to long-term performance and linked to bank profits.'
BRITISH PRIME MINISTER GORDON BROWN:
On bank bonuses:
'There is no going back to the bonus structure of the past. I believe we will be able to agree on the structure of how the bonuses should be examined in the future. I am confident that at Pittsburgh there is a common will to achieve action on something that has angered the populations of almost every country.
On economy, stimulus:
'Recovery cannot be taken for granted ... I will tell my colleagues this is no time for business as usual.'
'The greatest risk we face is being too complacent about the future.'
'Until the recovery is established, all countries must implement ... stimulus packages that have been announced, not just this year, but throughout 2010.'
'So I propose that we continue and cement the more than 5 percent of global GDP, or more than $2.5 trillion, of fiscal action in the coming year.'
'With the creation and preservation of jobs uppermost in our minds in Pittsburgh and in the coming year, we must be ready to commit to even greater levels of economic cooperation.'
'I will propose tonight that the Pittsburgh summit should agree a historic global compact for long-term stability and jobs. It will be unprecedented political commitment from all G20 countries to continue to act together for the benefit of all countries and all citizens.'
'In short I am proposing an agreed process of international cooperation, with political leadership using the international institutions to create the foundations of a new system of managing our global economy.'
SWEDISH EU PRESIDENCY'S FREDRIK REINFELDT
'We need to formulate exit strategies ... the solution cannot be highly indebted countries.'
'We will discuss the return of the bonus culture ... we need to deliver on this ... it is time to say enough is enough.'
'I hope tonight we can say the bonus bubble has burst.' Keywords: EU G20/
(Brussels newsroom +32 2 287 6841, fax +32 2 230 5573)
HIGHLIGHTS-EU leaders' pre-G20 summit in Brussels
09.17.09, 02:45 PM EDT
BRUSSELS, Sept 17 (Reuters) - The following are comments by European Union leaders in connection with their meeting on Thursday in Brussels, held to prepare for next week's Pittsburgh summit of the Group of 20 developed and emerging economies.
GERMAN CHANCELLOR ANGELA MERKEL:
On a global tax on financial market deals:
'Such a tax is reasonable on an international level. We will see if we find a common European position on that tonight.'
'For me what is paramount is that no bank and no financial institution can blackmail states.'
'Second, that we accomplish limits on bonus payments and uniform rules.'
'Third, that we draw lessons from the crisis and work on a charter for a sustainable economy.'
'I am optimistic that we can make clear that bonus payments have to be linked to long-term performance and linked to bank profits.'
BRITISH PRIME MINISTER GORDON BROWN:
On bank bonuses:
'There is no going back to the bonus structure of the past. I believe we will be able to agree on the structure of how the bonuses should be examined in the future. I am confident that at Pittsburgh there is a common will to achieve action on something that has angered the populations of almost every country.
On economy, stimulus:
'Recovery cannot be taken for granted ... I will tell my colleagues this is no time for business as usual.'
'The greatest risk we face is being too complacent about the future.'
'Until the recovery is established, all countries must implement ... stimulus packages that have been announced, not just this year, but throughout 2010.'
'So I propose that we continue and cement the more than 5 percent of global GDP, or more than $2.5 trillion, of fiscal action in the coming year.'
'With the creation and preservation of jobs uppermost in our minds in Pittsburgh and in the coming year, we must be ready to commit to even greater levels of economic cooperation.'
'I will propose tonight that the Pittsburgh summit should agree a historic global compact for long-term stability and jobs. It will be unprecedented political commitment from all G20 countries to continue to act together for the benefit of all countries and all citizens.'
'In short I am proposing an agreed process of international cooperation, with political leadership using the international institutions to create the foundations of a new system of managing our global economy.'
SWEDISH EU PRESIDENCY'S FREDRIK REINFELDT
'We need to formulate exit strategies ... the solution cannot be highly indebted countries.'
'We will discuss the return of the bonus culture ... we need to deliver on this ... it is time to say enough is enough.'
'I hope tonight we can say the bonus bubble has burst.' Keywords: EU G20/
(Brussels newsroom +32 2 287 6841, fax +32 2 230 5573)