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Thursday, the European Union leaders are set to meet in Brussels to prepare a strategy and to call for a united EU position for the G20 summit in Pittsburgh.
Curbs on bankers' pay is going to be one of the main topic for discussion, reports said citing a draft statement. EU leaders will also support the sustenance of various stimulus measures at the G20 summit on September 24-25.
In an interview to the Wall Street Journal, French Finance Minister Christine Lagarde said France would not push for an absolute cap on bankers' bonuses, but would seek concrete restrictions.
France is one of the strong advocates of restricting bank bonuses. Earlier, French President Nicolas Sarkozy, had threatened to walk out of the G20 summit next week if other leaders fail to adopt a common front on the issue. The US and UK are not supporting the move to bring an absolute cap on bonuses.
The G20 needs to prepare the exit from the crisis, the European Commission said in a statement today. The EU should support the strengthening of IMF surveillance, of its lending facilities, and the reform of its governance structure with greater involvement of Ministers, the Commission said.
The European Commission also urged the G20 to highlight the need to take urgent international action to tackle food insecurity and to strive for an ambitious outcome in UN's Copenhagen international climate conference in December.
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