G20 presidency urges action from Europe

Feb 25, 2012 |

Mexico City

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The head of the central bank of Mexico, which currently presides the G20, called on European governments on Friday to take urgent action to restore confidence.

"It is crucial for European authorities to urgently implement policy actions in order to restore confidence," said Agustin Carstens ahead of a weekend meeting of the 20 (G20) advanced and developing countries here.

"This will generate a virtuous cycle where firms will be more willing to invest, households will increase their spending and investors will renew their interest in European sovereign debt."

Carstens, a former finance minister, praised Spain's efforts to take 'strong, painful but necessary actions' and said the international community also had to back Europe. "No one wants the crisis dragging on indefinitely," he added.

G20 finance ministers and central bankers meeting this weekend in Mexico City were expected to discuss boosting funds for the International Monetary Fund (IMF) and Europe's emergency funds, following the latest rescue deal for Greece.

Amid increasing pressure on Europe to beef up its financial firewall, the G20 meeting comes days before a Brussels summit next week where the issue is expected to top the agenda.

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