EU Commission president Barroso and European Council President van Rompuy have written a letter to the G20 (pdf). Here is my translation “EU speak to human language” to show what they actually mean:
The decisions we have taken in our G20 Summits to date have been crucial in steering us through the global financial and economic crisis.
We have acted firmly and decisively with a sense of urgency and common purpose.
In the current economic situation, with world growth slowing and the global economic outlook deteriorating, we need to renew this collective G20 spirit.
So our overall objectives for the Cannes G20 Summit should be to help restore global confidence, support sustainable growth and job creation, and maintain financial stability.
Within the EU, we are taking all necessary steps to ensure the stability and growth of the euro area.
The euro is at the core of our European project.
On 26 October we agreed on a comprehensive set of measures to restore confidence and address the current tensions in financial markets.
These measures include:– a sustainable solution for Greece. […]
– a significant further strengthening of the resources of the European Financial Stability Facility (EFSF), which depending on the specific set-up […]
– a coordinated plan to reinforce Europe’s banking system. […]
– determined action to ensure sustainable public finances and enhance growth.
– strengthening euro area governance.
We will implement these measures rigorously and in a timely manner, and we are confident that they will contribute to the swift resolution of the crisis.
However, whilst we in Europe will play our part, this cannot alone ensure global recovery and rebalanced growth.
There is a continued need for joint action by all G20 partners in a spirit of common responsibility and common purpose.
In Cannes we should aim for ambitious outcomes on eight priorities: […]