EU summit to give 'decisive' results on debt crisis: France

15th October 2011, Comments 0 comments

A summit of European leaders on October 23 will provide clear answers to global concerns over the debt crisis hitting the eurozone, French Finance Minister Francois Baroin said on Saturday.

"The results of the October 23 summit will be decisive," Baroin said as he gave the closing press conference after talks between finance ministers of the G20 bloc of leading economies in Paris.

In a separate statement, G20 finance chiefs at the summit said they were encouraged by efforts to tackle the eurozone crisis.

"We welcome the adoption of the ambitious reform of the European economic governance," the statement said, noting in particular the move to improve the flexibility of the eurozone rescue fund, the European Financial Stability Facility (EFSF).

"We look forward to further work to maximise the impact of the EFSF in order to avoid contagion, and to the outcome of the European Council on October 23 to decisively address the current challenges through a comprehensive plan," the statement said.

The statement also said the finance ministers had agreed that the International Monetary Fund "must have adequate resources to fulfill its systemic responsibilities," but made no mention of expanding the IMF's resources to deal with the debt crisis, as some G20 members have pushed for.

The statement said the issue would be raised again during the November 3 and 4 summit of G20 leaders in the French city of Cannes.

© 2011 AFP

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