British Prime Minister Gordon Brown has told the European Parliament that the G20 summit in London will do whatever it takes to create jobs and growth.
Gordon Brown was outlining his hopes for the 2 April summit to MEPs in a debate in Strasbourg this afternoon.
At last week's European Council meeting, EU leaders said they wanted the summit to come up with concrete action on fiscal stimulus and a new system of regulation for the financial markets.
Mr Brown told MEPs that he believed the summit could see measures that would mean the beginning of the end for offshore tax havens.
He also made the case for doubling the resources available to the International Monetary Fund, adding that Europe would not walk away from the countries of Eastern Europe in their hour of need.
Europe had to take urgent action to build a low carbon recovery and to make the economy sustainable, the prime minister added.
He also argued that Europe could not allow the economic crisis to be an excuse to renege on pledges of aid to developing countries.
Obama's plea to leaders
US President Barack Obama has urged fellow G20 leaders to agree immediate action to boost the global economy at the G20 summit.
In an article for German newspaper Die Welt, Mr Obama called for a deal on quick fiscal stimulus measures at the meeting, which he said could open the way to a global recovery.
The comments highlight the differences between the US and Europe on the need for further stimulus measures on top of packages that governments already have adopted.
‘First we must take quick measures to stimulate growth,’ Mr Obama wrote in the article, according to the translation of his comments.
Mr Obama said the US and other G20 members had taken fiscal steps to boost growth but added: ‘These efforts should be robust and sustained until demand has been restored.’
He said the US was ready to lead the way to revive the world economy and bolster renewed confidence.
‘If the London summit contributes towards immediately initiating joint measures, we can smooth the path for a secure recovery and prevent future crises,’ he said.
European leaders have so far resisted US calls for further stimulus measures and instead want tighter financial market regulation and supervision to be the main focus of the summit.
Mr Obama said better supervision, as well as restoring the credit flow to companies, was essential for recovery.
‘I am determined to take this opportunity to make progress on far-reaching reforms of our regulatory and supervisory framework,’ he wrote.
Mr Obama said G20 nations had a duty to help countries facing serious financial risks.
‘The G20 should quickly make money available to stabilise emerging countries, to substantially raise the emergency capacity of the International Monetary Fund and regional development banks which accelerate credit,’ he wrote.
Mr Obama said his country bore some responsibility for the crisis but added that the G20 summit offered an opportunity for nations to work together to fight the downturn.
