The rise of protectionism was what contributed to the great depression, considered that the European Union attends the meeting of the G-20 with an ambitious plan of proposals under the arm. Europeans expect that meeting comes a work plan necessary, leading to concrete and operational measures within a period of 100 days. The rotating Presidency of the EU, which the head of the French State, Nicolas Sarkozy, has said Spain will chair, voice and vote at the Summit of the G-20 (the world’s richest countries and emerging economies) in a communique sent to 27 community partners and that, logically, it has also reached the Moncloa. At that meeting is the It will address how to tackle the global financial crisis and that some have qualified as Re-Foundation of capitalism. Officially, it was announced that the European delegation to the Conference which will discuss the reform of the global financial system will be formed by representatives of five countries (Germany, France, United Kingdom, Italy and Spain), as well as the President of the European Commission, Jose Manuel Durao Barroso. In fact, the first four come in its own right, because they are part of the G-20 (the Group of richest countries and emerging economies, under whose umbrella the Conference is convened).
The novelty is the presence of Spain, which has never participated in a forum of this kind. On the other hand have present, which the Chinese President, Hu Jintao, will attend the upcoming summit of the G-20 in Washington with the objective of increasing the representation of emerging economies in international bodies, and constructive attitude reported today an official spokesman. According to He explained to the press the Chinese Vice-Minister for Foreign Affairs, He Yafei, the global economic and financial crisis forces the countries attending to take two types of different measures, short-term and long-term. Among the most urgent measures, the Chinese Executive claimed stabilize and give confidence to the market and strengthen financial supervision to prevent a global recession, while long term poses a whole reform of the financial system to make it fair. The international financial system has deficiencies and needs to be reformed () should be given more importance to the developing countries and the least developed, since China is a developing country. When developed countries implement macroeconomic policies, should take into account the impact on the rest of the world, said the Deputy Minister. There is no that finally, forgets that the EU advocates putting up of colleges of supervisors for improved monitoring of all important cross-border banks.
Also It aims to the intensification of the fight against financial and tax havens besides the design of codes of conduct to prevent the remunerations of Directors pushed to excessive risk-taking. To increase the representation of emerging countries such as China or India in institutions such as the IMF and the G-8 is also supported by the EU. In this sense, it is proposed to make more transparent the director of the IMF’s selection as President World Bank, charges that have always been occupied by representatives from Europe or the US. Definitely, it shows that the G-20 is saying we are going to make a functioning system, and say it is helping the system to work, hopefully that is what really will happen original author and source of the article.