“Structural reforms for competitiveness and growth in deficit countries and convertible currencies and markets open to foreign goods in surplus nations. Those are the two most important directions of reform we should move along with if we are seeking to restore balance in the global economy”, said Gunnar Hökmark MEP, Vice-Chairman of the EPP Group, following the adoption of his Report on Global Economic Governance by the European Parliament today.
“This Report outlines the Parliament’s message to the G20 leaders when they meet in Cannes next week. We need to ensure that currencies are made convertible; that monetary policy is also responsible for its externalities and that trade is allowed to flourish.”
“Also, the institutional set-up is crucial for achieving balance at a global level. The organisations used for these purposes must be transparent and accountable for their actions. This is an important requirement for global governance in order to ensure proper implementation”, Gunnar Hökmark concluded.