September 22, 2011G-20 Letter Calls for Action on Euro Crisis
Euro-zone countries and institutions must act swiftly to resolve the euro crisis and all European economies must confront the debt overhang to prevent contagion to the wider global economy, the leaders of six countries from the Group of 20 industrialized and developing nations said Thursday.
"The euro zone must look at all possible options to ensure long-term stability in the world's second largest international currency," the leaders from the U.K., Australia, Canada, Indonesia, Mexico, and South Korea said in a joint letter.
The letter said the euro zone's July 21 accord, which, among other things, expanded the powers of the euro zone's rescue vehicle, while providing more debt relief to Greece, was an important first step.
"Euro countries now need to ratify this agreement as soon as possible, alongside implementing reforms to deal with excessive deficits, improving economic competitiveness, and acting now to strengthen banking systems," the leaders said.
Thursday's letter is a response to French President Nicolas Sarkozy's statement Wednesday, which called for coordinated global action to boost flagging growth, but put most of the onus on developing economies to pick up the slack.
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