"G20-top is een stap in de goede richting" (en)

Prime Minister Fredrik Reinfeldt and Minister for Finance Anders Borg have just returned home from the G20 meeting in Pittsburgh where they, together with the European Commission José Manuel Barroso represented the EU when the leaders of the largest economies of the world met. They give their view of the discussions in Pittsburgh in an article in Svenska Dagbladet.

”Our message was clear in Pittsburgh. We do not want to support our banks with taxpayers’ money - but as banks have a central role in our economic system, we are, to a certain extent, forced to do this. If we do, we have to ensure that they follow the established rules so that they are no longer able to risk the functioning of the system. We must ensure that the risks associated with reward systems are carefully monitored. The risks are far too great when the mistakes of a handful of people can affect the whole of our society.

We arrived in Pittsburgh with a clear mandate from the EU, well prepared and united. We left with an agreement on binding rules on bonuses.  And so we are sending a clear signal to the financial system: The bonus culture must come to an end. The supervision of financial markets must be strengthened.”

The climate issue too, was discussed at the meeting. The EU has expressed strong concerns that the international climate negotiations are proceeding too slowly and that there is a risk that the negotiations will stall in Copenhagen.

”Despite this, the G20 meeting has constituted a step forward. The leaders of the world agreed on the main features in the common regulations of the financial markets. And so the first strides towards a more sustainable financial systems were taken. It does not resolve the problems and challenges we are facing, but is an important foundation to build on. It gives us the opportunity to fight the unemployment that has followed in the wake of the financial crisis. And it also removes one of the obstacles for the world to unite and take action on the climate issue.”