Economy Minister Amado Boudou highlighted today the importance that the G20 add “work and social inclusion” to their policies of growth, forming part of the strategy to escape the eurozone crisis.
International Monetary Fund chief Christine Lagarde led a global push for the euro zone to boost its financial firewall, saying "if it is big enough it will not get used".
Germany may not be ready to back an increase in Europe's bailout fund at a summit next week, delaying efforts to meet international demands for Europe to strengthen its defenses against the region's sovereign debt crisis.
The global economy has stepped back from the brink of danger and signs of stabilisation are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, the IMF said today.
The leaders of France and Germany will not leave this week's EU summit until a "powerful" deal is reached to arrest the euro zone debt crisis, Paris said, as latest borrowing figures exposed the stressed state of Europe's banks.
The European Union predicts Europe will endure a moderate recession on the year’s first semester, remarked today EU commissioner for Economic and Monetary Affairs Olli Rehn.
Rating agency Fitch carried out its threats and downgraded the ratings of five countries in the eurozone including Spain, Italy, Belgium, Cyprus and Slovenia. Ireland ratings where reaffirmed, informed the agency.
Financial market pressure on Italy intensified, sucking Europe's second biggest debtor nation deeper into the euro area danger zone and prompting emergency consultations in Rome and among European capitals.
Greece pledged to bring forward painful austerity measures, convincing international lenders to return to Athens early next week for talks that it hopes will secure the aid it needs to avert bankruptcy.
Greek Prime Minister George Papandreou called a referendum on a new EU aid package and said he would ask for a vote of confidence to secure support for his policy for the remainder of his four-year term, which expires in 2013.