By The Global Journal | June 20, 2012 - 10:00 GMT
While attending a G20 summit in Los Cabos, Mexico, yesterday (20 June), Eurozone and EU country leaders from Germany, France and Britain promised their partners they would promote a more integrated banking sector and growth. The announcement came after increased pressure from their G20 peers.
European Heads of States and Government promised “to consider concrete steps towards a more integrated financial architecture, encompassing banking supervision, resolution and recapitalization, and deposit insurance." This was confirmed by the G20 joint communiqué in which leaders vowed to "take the necessary actions to strengthen global growth and restore confidence.
International Monetary Fund (IMF) Director Christine Lagarde and US President Barack Obama reacted to the arrangement by the European countries, and encouraged them to pursue the path towards recovery. Lagarde explained “the seeds of a pan-European recovery plan were planted” for next week’s EU summit — where more concrete plans will emerge. Obama said he was “confident (…) Europe [would] paint a picture of where we need to go”.
The G20 meeting was held after Greece elected a pro-EU/IMFbailout party to form a government this weekend.
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