EU leaders at G20 vow to restore stability

Chinese President Hu Jintao (5th L, front) poses for a group photo with other participants of the seventh Leaders' Summit of the Group of Twenty (G20) in Los Cabos, Mexico, June 18, 2012. <Xinhua/Ma Zhancheng>

EU leaders at the G20 summit say they are committed to providing a detailed plan for stabilizing the eurozone.

The G20 summit opened in the Mexican resort of Los Cabos on Monday with leaders of industrialized and developing countries discussing the global economy.

Eurozone leaders said various measures have been taken to address the credit crisis, but market confidence has yet to be fully restored. They said they must take steps to tighten their solidarity in order to restore the euro’s credibility.

They said to stabilize the eurozone they will discuss unifying financial oversight and introducing a system to deal with bank failures.

Some countries expressed hope for Europe’s measures, but others said each country should rebuild its own economy to contribute to global stability.

Japan’s Prime Minister Yoshihiko Noda said the situation in Europe must be addressed without a moment’s delay. He said he hopes countries will work to strengthen the financial sector and stabilize global markets.

Noda also expressed his intention to pass bills in Japan’s Diet legislating comprehensive reform of the country’s tax and social security systems.

The G20 leaders will continue discussions over dinner and release a statement on Wednesday. <NHK>

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