





Romanian president, Traian Basescu: EU opts for reforming the international financial system
The main statements, in brief:
Traian Basescu:
- The informal summit didn't aim at formulating documents, but to clarify some positions:
- We can say, at this moment, the French presidency of the European Union has a negotiation mandate for the G20 summit in Washington, on November 15. The European Union will vote for the reform of the international financial system;
- The size of the financial crisis generated the risk for a global economic crisis. It is possible to see new crisis centers and, unfortunately, the World Bank and the International Monetary Fund reserves are not enough;
- The European Union openly assumes the role of leader in the global economy;
- This crisis was the moment for the European Union to stand out as leader, through the measures it adopted;
- EU suggests 4 common action principles: 1 - regulation and surveillance of the institutions - financial and off shore institutions, rating agencies; 2 - responsibility and transparency, 3 - crisis prevention measures; 4 - IMF must play a central role, while the EU becomes equal with the US as monitor of the global financial stability;
- In Washington, the target will be obtaining an agreement for a series of measures, including the surveillance of some market segments.
Calin Popescu Tariceanu:
- The European Union wants to assume a leading role in solving the crisis. An increased role is expected for the European financial institutions, the Central European Bank and the European Reconstruction and Development Bank;
- The steps to be taken will also be decided by the member states.