Merkel, Sarkozy seek common EU position ahead of G20

[Darsh]

AFP - France and Germany want the EU to agree on a common position ahead of the G20 summit in Pittsburgh on September 24-25, President Nicolas Sarkozy and Chancellor Angela Merkel said Monday.

The two leaders said after talks in the German capital that they were sending a joint letter to current EU presidency holder Sweden urging the bloc to hammer out on a common line.

Sarkozy added they had proposed an European Union meeting for September 17.

"We are aware that there is an agenda (for the G20 summit) being prepared, but it is still unclear whether it will produce the necessary results," Merkel told reporters.

"Therefore France and Germany have agreed to launch a common initiative, firstly in the direction of the Swedish EU presidency. We will make clear in a joint letter being sent tomorrow (Tuesday) that we want to work out a common position for Pittsburgh," Merkel said.

Merkel said that France and Germany want measures on financial regulation agreed at the last G20 summit in London in April to be implemented "fully", and for progress on limiting bankers' bonuses and ensuring that "no bank can get so big that it can blackmail a government."

The Group of 20 summit to be held in the US city of Pittsburgh is aimed at curbing the kind of excesses that brought the global financial system close to collapse late last year.

http://www.france24.com/en/20090831-...onuses-banking

Do you there will have an international agreement about limiting bankers bonuses and it will have an real impact on the financial markets?

[Erik]

First of all I must say it's very rude to make agreements prior to the official summit.
If they already make decisions there is no need to go to the G20 for "discussion".

But I think not much will come from the G20 meeting anyways.
Now that the immediate crisis seems to be over there will be little political will to cooperate on a global scale.
They'll find it much more important how the Euro-zone countries will handle their own central bank and their own currency.

The only interesting thing that might come up (again) is a new international currency to replace the US dollar, but I think they'll wait a few more years until the economy is calmed down before really pushing that one home.

[Mangalore]

First of all I must say it's very rude to make agreements prior to the official summit.
If they already make decisions there is no need to go to the G20 for "discussion".

...

Erik, that's bogus. 90% of all diplomacy, moves and politics is long agreed on _before_ any meeting takes place. The meeting itself is then about the haggling and implementation of what one wants to achieve. Because anyone else will make preparation and agreements with close partners beforehand as well it is quite stupid to waltz in without a clear picture and agreements what some 24 other countries in your common economic zone want to achieve.

For the EU economic zone it is quite important to selforganize itself as much as possible because it will still arrive at the G20 with 2-3 differing grades of agreements (some who will be quite willing to compromise for more liberal agreements, some who want harsher ones and some who don't want anything changed).

Bottom line is: All the agreements will be about defining the lines along which the various countries in the EU agree on. There will be plenty of discussion in the G20 what to ultimately do anyway because all the other countries will have worked out and agreed on internally what they are willing to do and compromise as well.

[antares24]

Erik, that's bogus. 90% of all diplomacy, moves and politics is long agreed on _before_ any meeting takes place. The meeting itself is then about the haggling and implementation of what one wants to achieve. Because anyone else will make preparation and agreements with close partners beforehand as well it is quite stupid to waltz in without a clear picture and agreements what some 24 other countries in your common economic zone want to achieve.

Agreed. Plus considering that at the G20 there are many EU countries (UK, France, Italy and Germany, plus Sweden in its role of EU president and also Barroso for the EU commission) if all EU countries put their case forward united they can get their way. The only problem is that the Uk GOV. would want less regulations to defend its bankers and the city that are lobbying hard against this. But most economists agree that some new financial regulations are needed.

As for the international currecny in the place of the dollar, they would probably discuss about it, and start to making some plan, but we will have to wait some time imho to see it.

[Каие]

Oh, Sarkozy and Merkel can go each other.

Since when was France and Germany the deciders of the what the EU should and shouldn't do? No, scratch, that. where does it state they have the RIGHT r authority to make such public demands? They are undermining the Swedish presidency, then again, the moment France's presidency ended it went about undermining the Czech Presidency too.

[Chukada1]

Oh, Sarkozy and Merkel can go each other.

Since when was France and Germany the deciders of the what the EU should and shouldn't do? No, scratch, that. where does it state they have the RIGHT r authority to make such public demands? They are undermining the Swedish presidency, then again, the moment France's presidency ended it went about undermining the Czech Presidency too.

The EU needs a leader. Will Great Britain answer the call?

[white-wolf]

Oh, Sarkozy and Merkel can go each other.

Ouch....

What will Carla do after that?

[Erik]

Since when was France and Germany the deciders of the what the EU should and shouldn't do?

Since always.

I don't like it either, but that's the reality of how the EU works.

[Каие]

The leader of the EU is Sweden at the moment. Not France or Germany.

[Darsh]

The leader of the EU is Sweden at the moment. Not France or Germany.

in the direction of the Swedish EU presidency

I don't see the problem.
There are many times that Britain and France have also a common EU positions, the actual presidency doesn't forbide the other EU country initiatives especially for the power block.

[Каие]

I don't see the problem.
There are many times that Britain and France have also a common EU positions, the actual presidency doesn't forbide the other EU country initiatives especially for the power block.

That's the problem I have.

[Darsh]

That's the problem I have.

As long as we don't have an EU president, it will be the case. However I'm pleased to see that you are more favorable to a united EU.

[Каие]

Join in?

[white-wolf]

Join in?

I do not think so. Sarkozy and Merkel do already Europe. It is crowded.

[removeduser_487563287433]

http://www.france24.com/en/20090831-...onuses-banking

Do you there will have an international agreement about limiting bankers bonuses and it will have an real impact on the financial markets?

No and no.

[Rt. Hon. Gentleman]

They are fools to press the international currency. You can sort of see that they are looking at Britain and America, neither of which would convert to any sort of currency which is not their own even if their economies were in the most dire straits in their histories.

Also, think of the money that would be lost to the world economy from currency speculators? A lot of medium-large sized businesses make a fair bit of money by simply moving it around the globe. Bang! That's one monetary prop gone, if all nations convert to the "Globo", or whatever they call it.

[Каие]

Of course I am, because a unanimously united EU means that my country is also in agreement. What I object to is regulations and things imposed on us against our will.

[Treize]

Herr Bos is going to try to make us a full time member...
It is truely rediculous that we are not in the G20 and are only 'represented' by the EU while Argentinia and Saudi-Arabia are in it.

[Dr. Croccer]

Herr Bos is going to try to make us a full time member...
It is truely rediculous that we are not in the G20 and are only 'represented' by the EU while Argentinia and Saudi-Arabia are in it.

... both of which have considerably smaller economies than ours.

[Treize]

Yes, indeed.

Especcialy the nominal GDP of our country is alot higher.