EC Statement: Joint letter of European Commission President José Manuel Barroso and European Council President Herman Van Rompuy to their G20 partners
( October 30, 2011, 19:13 GMT | Official Statement) -- MLex Summary: The European Union's top leaders called for acceleration of work on a financial overhaul, including regulation of derivatives and tools for responding to bank failures. Further efforts should focus on oversight of 'shadow banks,' convergence of accounting standards and extension of too-big-to-fail rules to nationally 'systemic' firms. The economic powers also should explore a global tax on financial transactions, the EU leaders said. The meeting will also be used as to push for a successful outcome of the UNFCCC Climate Conference.The text of the statement follows....
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