Saudi Arabia bags two gold medals, 2 silvers in GCC Games    Saudi Athletes Achieve Great Victories in the 2nd Day of the GCC Games Tournament in Kuwait    Director of Islamic Affairs of Al-Madinah Branch Receives General Mufti of Kosovo    Saudi Arabia Strongly Condemns Terrorist Attacks on Military Base of African Union Peacekeeping Forces in Somalia    Cabinet congratulates Sheikh Mohamed Bin Zayed on becoming UAE president    DGDA, Riyadh Third Health Cluster sign MoU to provide healthcare services in Diriyah    City Walk Receives Entertainment and Event Enthusiasts within Jeddah Season with Exciting Shows    Historic Jeddah Zone Attracts Visitors By Distinctive and Historical Shows    Jeddah Pier, the greatest amusement park on the sea, welcomes its visitors with delight and joy during the "Jeddah Season."    Riyadh to host first conference of IAEE in Middle East    EU ready to defend Finland and Sweden in event of Russian attack amid NATO bids    Heavy rains trigger floods in northeast India, killing 8    Guterres calls for 'swift formation' of inclusive Lebanese government    'Saudi women's participation in economic activities reach highest level with 35.6%'    UAE president, vice president congratulate King Salman on being discharged from hospital    Kay Mellor: Actress and Fat Friends creator dies aged 71    OIC Secretary General Receives Permanent Representative of Guinea-Bissau to OIC    Jeddah Jungle Welcomes Visitors with Thrilling Safari Experiences    Egypt to Host 2022 Annual Meetings of Islamic Development Bank Group in Sharm El Sheikh    Saudi Stock Exchange Main Index Ends Trading Lower at 12,689.87 Points    Ruler of Ajman Congratulates Custodian of Two Holy Mosques on Being Discharged from Hospital    KSrelief Distributes 3,121 Food Baskets to 18,726 Individuals in Hargeisa, Somaliland    Foreign direct investment in Saudi Arabia to jump 20 times by 2030: Al-Falih KSA develops business environment through massive reforms    Saudi delegation concludes partnerships with US capacity building companies    How cricket-crazy India scripted world badminton glory    Sri Lanka down to last day of petrol, warns new PM    Asian Shares Advance    Twitter boss hits back on Musk doubts over fake accounts    Abdulghani clinches first gold for Saudi Arabia in Gulf Games    Jazan Hosts West Asian Beach Soccer Championship    Gulf Health Council: Large sunglasses give better UVA protection    Former Australia cricketer Symonds dies aged 46 in car crash    Saudi citizen turns attention to sports after retirement    5 Arab women filmmakers receive Netflix grant    Over 250 Saudi Female and Male Players to Participate in Kuwait 3rd GCC Games on Friday    Saudi Deaf Athletics Team Leaves for Brazil    Bollywood actor's tweet reignited debate over Hindi as India's national language    SFDA Advises to Wash Dates Well Before Eating    SFDA Advises Against Mixing Surplus of Iftar and Suhoor with Different Foods or Surplus from Other Days    Ministry calls on imams to avoid long supplications in Tahajjud Prayer    Nothing wrong with a Muslim celebrating birthdays, says Saudi scholar    Ranbir Kapoor and Alia Bhatt: Bollywood wishes for star couple on wedding    SFDA Warns Against Microbes Accumulation on Coffee when Stored Incorrectly    SFDA: Over-roasting or roasting is not an indication of the level of food and may cause harm to human health    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EU to hold extraordinary summit prior to G20 meeting
Published in Saudi Press Agency on 04 - 09 - 2009


European Union leaders are to hold an
extraordinary summit on September 17 to iron out their differences
ahead of a Group of 20 meeting in Pittsburgh on reforming global
finance, Swedish Prime Minister Fredrik Reinfeldt said Friday, according to dpa.
"The G20 will be a substantial meeting ... therefore it is very
important to coordinate a European position," since not all 27 EU
countries will be attending those talks, Reinfeldt said at a briefing
in Stockholm.
The dinner-time informal EU summit in Brussels will take place
exactly a week before heads of state and government from the world's
20 most important economies convene in Pittsburgh.
The European participants of that meeting are Britain, France,
Germany, Italy - and Sweden, in its capacity as current holder of the
EU's rotating presidency.
Spain and the Netherlands gained an invitation to the previous G20
summit in London on April 1-2, and its leaders were again expected to
attend the September talks in the United States.
The aim of the Pittsburgh meeting is to discuss ways of restoring
confidence in financial markets in the wake of a credit crunch, which
has lead to the EU suffering from its worst recession in decades.
Reinfeldt said bankers' bonuses would also feature prominently on
the Pittsburgh agenda.
"We have seen a tendency to go back to the same kind of bonus
systems that we saw before the financial crisis hit the
world," Reinfeldt said.
"We don't want to see a situation again whereby excessive risk-
taking ends up being a problem for taxpayers when it goes wrong, and
goes into the pocket of those working in the financial sector when it
goes right," the premier said.
The Swedish presidency is eager to avoid the mistakes of last
autumn, when powerhouses such as France and Germany infuriated their
smaller EU partners by excluding them from talks when the financial
crisis first hit Europe.
"That created a lot of tension and nervousness in the smaller
economies. We also have voters, we also have a situation we need to
react to," Reinfeldt said.
Britain, which is to host a preparatory G20 meeting over the
weekend, has expressed concern that any curb on bonuses could lead to
an exodus of top managers from the City of London.
Asked about British resistance to stricter rules, Reinfeldt said
"good regulations that make financial markets work better globally"
would also be good for Britain.
"Let's look at fewer but better functioning regulations, rather
than many regulations that we are not sure will do their job. I hope
that will also be the position of the City of London," Reinfeldt
said.
The premier also pointed to a joint letter he received this week
from German Chancellor Angela Merkel, French President Nicolas
Sarkozy and British Prime Minister Gordon Brown proposing a strong
link between executive pay and the performance of banks.
"Gordon Brown signed this letter ... specifically mentioning
bonuses. So I think there is an understanding that it is also
important for the United Kingdom," he said.
On Friday, the Swedish daily Dagens Nyheter published a separate
letter penned by seven EU finance ministers calling for guaranteed
bonuses to be restricted to just one year.
The payment of bonuses should also be spread over a number of
years, while variable pay should in any case reflect the individual's
and the bank's long-term performance, said the ministers of Sweden,
Netherlands, Luxembourg, France, Spain, Germany and Italy.
The letter did not carry the signature of British Chancellor
Alistair Darling, however.
The G20, which also includes the United States, Canada and major
emerging economies such as India and China, represents around 90 per
cent of global gross national product.


Clic here to read the story from its source.