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Brown calls for European leadership at G20

(Xinhua)
Updated: 2009-03-26 11:21

BRUSSELS -- British Prime Minister Gordon Brown called on Tuesday for Europe to play a lead role at the upcoming summit of Group of 20 (G20) developed and emerging economies in London.

Britain's Prime Minister Gordon Brown addresses the European Parliament during a debate on the forthcoming London G20 summit, in Strasbourg March 24, 2009. [Agencies]

"I propose that we in Europe take a central role in replacing what was once called the old Washington consensus with a new principled economy for our times," Brown told the European Parliament in Strasbourg, France.

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In his first speech to European Union (EU) lawmakers as British prime minister, Brown said that Europe should take the lead to ensure that every continent makes necessary changes in its own banking systems, participates and cooperates in setting global standards for financial regulation and injects the resources into their economy needed to secure economic growth and jobs.

With nine days to go before the G20 leaders meet on the financial crisis and the world economy, Brown said he was confident that the summit would reaffirm commitment to "do whatever it takes to create the growth and the jobs."

Echoing his European partners, Brown called for financial regulation to be strengthened.

"Tough regulatory standards should be set across Europe and the world, agreed to and fully monitored, not just in one country but in every continent," he said.

But in an apparent bid to bridge a trans-Atlantic split over the top priority of the G20 summit in London, Brown suggested every country should pump enough money into its economy.

"We know that worldwide fiscal and monetary stimulus to the economy can be twice as effective in every country if it is adopted by all countries," he said.

Ahead of the G20 summit, the United States is pressing the EU to spend more on fiscal stimulus for the good of a world recovery, while the EU said the London summit should focus on tougher financial regulation.

Brown, however, urged Europe to work with the United States to solve the global challenges of economic instability, terrorism and climate change.

"One of the great opportunities for us is for Europe and every other continent to work together and today I want to emphasize that Europe and America can work more closely together," he said, adding the arrival of US President Barack Obama heralded "a new era of heightened cooperation between Europe and America."

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