Romanian president, Traian Basescu: EU opts for reforming the international financial system

„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”, said Romania president Traian Basescu on Friday, upon his arrival from the informal EU states summit in Brussels. The head of state and the Prime Minister, Calin Popescu Tariceanu, had a common press conference, presenting the main conclusions of the meeting.

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.