Presidents Barroso and Van Rompuy shared their views in advance of the summit in a letter sent to the other members of the European Council on 7 October 2011 (see MEMO/11/678). The European Council on 23 October is set to finalise EU preparations of the G-20 summit.

This week, van R and President B and their pack will present the pledge that not only China should cough up the 560 million euros to realise the 1 trillion euro SPV - hosted at a mailbox office (same office of Planistat!!) in Luxembourg - but all the G-20 should be "responsible".

Asymptotix thinks the most responsible step would be if they read this: http://www.asymptotix.eu/news/eu-economic-governance-lunatix-2

In the letter they call for a "renewed collective G20 spirit" and stress that "the fact that France holds the G20 Presidency this year gives Europe a special responsibility. We need to make the Cannes Summit a G20 Summit that restores confidence, supports sustainable growth and job creation, and maintains financial stability".

Both leaders expect that Europe will be in the focus of the Cannes Summit. "Our G20 partners' perception is that if Europe does not solve its sovereign debt crisis there will be dangerous spillovers on the global economy. We need to show them that the European Union is determined to do whatever necessary to overcome the current difficulties. At the same time, we will also demand from our G20 partners a constructive contribution to face the global economic challenges."

Presidents Barroso and Van Rompuy consider the following EU priorities for the G20 summit:

• restoring growth and tackling global macroeconomic imbalances;
• making tangible progress on implementing the financial market reform agenda;
• making the International Monetary System more resilient;
• boosting trade as the most effective way to support global growth;
• enhancing the social dimension of globalisation;
• ensuring Food Security and promoting the G20 Development Agenda and Innovative Financing. In this context they refer to the Commission's proposal for a financial transaction tax for the EU IP/11/1085 and MEMO/11/640 and express their conviction that "a similar approach among G20 partners can help us all meet global challenges. We will therefore strongly support further discussions by the G20 in this field.
• continue tackling the global climate and energy challenge and the fight against corruption;
• improving global governance.