Lideres da Uniao Europeia (Gordon Brown, Sarkozi, Angela Merkel, Romano Prodi, Durao Barroso) encontraram-se esta semana em Londres para entre outras trocar ideias sobre o impacto que a crise economica mundial podera ter no espaco europeu e esbocar planos sobre uma estrategia comum!

Oxala os lideres africanos na sua reuniao em Addis Ababa nao se esquecam de incluir na agenda de trabalhos o impacto da crise mundial no continente bem como a questao do Kenya e as eleicoes no Zimbabwe. E preciso que nos preparemos para o caso do Zimbabwe pois seremos os primeiros a sofrer caso os Zimbabweanos decidam optar pela 'opcao Quenia'. E que o velho habito de as agendas das cimeiras ser definido meses antes torna a Cimeira da Uniao Africana pouco flexivel para discutir assuntos prementes e urgentes, como os acima apontados.

Para mais detalhes sobre a reuniao dos lideres europeus, segue o transcript da conferencia de imprensa:



London29 January 2008

EU leaders have agreed to "close co-operation" to ensure stability in the global economy, Gordon Brown said this following talks at Downing Street.

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Read the transcriptPrime Minister:

Can I thank you all for joining us. We've been discussing how to maintain economic stability, to strengthen and deepen economic reform and to support enterprise. We are agreed that at this time of global uncertainty we need to signal our commitment to an open economy. We are also agreed that an ambitious agreement on the Doha trade round, to which we are all committed, is essential to achieve this.

On taking forward measures to promote stability in financial markets and address what we call a transparency deficit, we are agreed we should be guided by the following principles. Primary responsibility for managing risks is, and must remain, with financial institutions and investors who must take responsibility. This needs to be backed up by national regulatory and supervisory frameworks that are strong and each country has its own proposals. Authorities need to cooperate and exchange information effectively within the European Union and internationally to prevent and manage crises and contagion. Based on these principles we are calling for greater transparency to secure better informed markets and we want to see in this greater transparency improvement in the information content of credit ratings to increase investors' understandings of the risks they face, and we stand ready to take regulatory action if progress is not made. Greater transparency by the major audit firms and supervisors delivering clear and consistent guidance on the valuation and disclosure of financial institutions' off-balance sheet risk, prompt and full disclosure of the losses banks and other financial institutions face, and the Basel Committee of Banking Supervisors should bring forward standards on improving the international management of liquidity risks.

We are also agreed on action to improve cooperation within Europe and with other economies in response to financial crises, in particular that the Financial Stability Forum and the European Union should agree common principles for international financial crisis management, a common analytical framework for the assessment of the systemic implications of a systemic crisis, common practical guidelines for crisis management, including improved information exchange, and closer cooperation between countries with particularly important links at firm or capital level.

We are also agreed on the need to reform to ensure the global institutions can meet the challenges of the 21st century. We need a better early warning system for the global economy and that warning should have the force and authority to ensure that their warnings are acted upon.

And so to this end we are calling on the IMF and the Financial Stability Forum to report at the next IMF meeting on the threat from the global economy from financial sector developments and to consider how to strengthen and to clarify the IMF's responsibility to oversee macro financial stability.

These are the issues we have discussed. We have agreed a common understanding of the problems we face, a common course of action to deal with these problems and promote stability and growth in the European economy. We will now engage our G8 partners on all these issues, starting next week with the meeting of G8 Finance Ministers in Japan. And I am grateful for European leaders meeting here in London this evening. We believe that we can persuade the whole international community of the need for the reforms that we propose.

I now invite any questions from the audience to each and all of our leaders who are here this evening.

Question:

Commissioner Bassos, can you tell us how the discussions tonight reflected on the work that has already been carried out at an EU level? And if I might ask the British Prime Minister if you can tell us what specific proposals Finance Ministers will be able to take forward to the talks in Tokyo?

Mr Barroso:

I think it is very clear in the communiqué that we have just approved that there is important work already undertaken in the European Union, at the European Union level, namely what our Finance Ministers are doing. As you know, we are going to report to the European Council in March. This is explicitly stated in the communiqué that was approved by all the leaders here. And of course the conclusions are clear that we have to act in two levels: the European Union level, there is a call for increased cooperation at the European level and I was very happy to receive the support of Prime Minister Gordon Brown for the European Commission to be a member now of the Financial Stability Forum for instance, so an important support for European Union level, but not only European Union; we have to act together at the global level, namely with international financial institutions, namely with the other G8 members, and that was exactly what was decide just now, as you heard in the last words of Prime Minister Brown.

Prime Minister:

What I think the Finance Ministers will discuss in the next few days is first of all the need for a trade deal so that we do not retreat into protectionism, and secondly that action is taken as soon as possible to improve the transparency in some of the activities of our financial institutions, off balance sheet activities disclosed, credit rating agencies in a position to give more independent valuations of risk, and at the same time we want the prompt and full disclosure of the right-offs that are now to take place, and as soon as possible. I think these are the immediate things that people are expecting to be done.

Question:

Mr President, what would your opinion be about a takeover by a foreign company or bank of the Société Générale?

President Sarkozy:

First of all we didn't talk about it, that wasn't discussed, and secondly I have nothing to say because it doesn't have a stake in Société Générale. I think it is very important that we have met, all of us here together, to speak with one and the same voice, it means that our views have become ever closer, that we are determined to act and that we are going to be talking about this with all of our allies, our friends and all those who basically drive the world economy. There is nothing fatalistic about what is happening right now. There are lessons to be learned that we need to learn and we are determined not to accept without reacting to what has happened. This applies to the sub prime crisis, it could apply equally to the Société Générale, it can apply to anything. And at all times people work, people save money, invest, need jobs and what has happened in a certain number of countries has nothing to do with the kind of market economy and our sense of what competition really means, free and fair competition and if we do not want a return of protectionism then we have to ensure transparency.

Question:

Prime Minister, given that these are global problems, what is the value of these discussions now which have excluded the other G8 members?

Prime Minister:

I think the important thing is that the European members of the G8 are getting together in advance of the G8 Finance Ministers meeting in Japan, and in advance of the full G8 meeting later. And I think by formulating these proposals for change, by putting the transparency issues on the agenda, by making very concrete proposals that can be implemented soon, and by calling for change in the international institutions we are leading the way in a discussion that I believe will lead to significant changes being made, significant reforms being made in the course of this year. So we are leading the way, recognising some of the problems that have got to be addressed, but I am confident that we can build a consensus across the G8 and then across the international community of big reforms and big change.

Question:

A question addressed to Chancellor Merkel. Chancellor, you were speaking about possible regulatory measures to be taken should those who participate in the market not fulfil their obligations. What sort of concrete measures would you take and what does that mean in concrete terms for Germany?

Chancellor Merkel:

Well basically, and this is why I am so grateful to the British Prime Minister for having invited us here to this meeting of the European G8 member states, it is very clear, is it not, that citizens' confidence and trust in the openness of financial markets need to be secured. And questions have been asked, certain gaps are there, and we need to see to it that those gaps are closed. And the first step that we need to take is to call upon all of those players in the market to show more transparency, and the important message is if you do not comply with this then we need to resort to regulatory measures. We have for example used the example of the rating agencies as an example to tell the markets that we would then be ready to resort to a situation where we come up with rules and regulations in such a way that rating agencies will then comply. Then secondly I think that looking back one year ago, we were far, far away from any sort of self-regulatory approach of for example the hedge fund industry, but now we have that. So we make progress step by step.

We don't as yet have sufficient progress but what we said is we need to have more transparency as regards the valuation of these very new, very complex financial instruments. The auditors need to be given very clear rules for doing their work properly and we need now obviously a cooperation, we also need to have some cooperation by the American side, if not we need to come up with new rules and regulations. What is important is the answer to the lack of trust might be protectionist measures and this would be very wrong and this is why we as politicians have to see to it that we ward off such possible wrong moves and false policies. This is why we asked our host to talk to the Japanese host of the G8, to talk to our friends in the United States so that we may be able to talk as quickly as possible, and indeed agree as quickly as possible on what we have talked about here today. I think this will bring a significant step forward.

Question:

Italy is the only country here today which doesn't have an ongoing bank crisis. Is that just a matter of time or are there specific merits of the Italian banking system? And how do you think that Italy will weather this ongoing storm with the current political crisis?

Mr Romano Prodi:

Your first part of the question is very easy because in Italy in the last five years we had a complete restructure of the banking system, mergers, acquisitions and a reorganisation of the system after the tumult that we had in the period before. And this was done in the last two or three years in a very fast speed and without any government intervention and without any interference of the Bank of Italy. We had an agreement with the Bank of Italy and the government not to interfere in this process of restructuring. And second, if you look at the balance sheet they lean much more on deposits. They can't depend on derivatives, just a small amount of percentage on derivatives, and there is no link with the American banks. So if you put those risks, reasons, together you have an explanation why the Italian banking system is now immune from this sickness.

The second part of the question is a little more difficult to answer. You know I think that the political crisis will be soon solved so I am optimistic that this will not interfere on the future of the economy. I am proud to say that the budget is very sound, we have a lower than 2% deficit, so we have put the Italian budget in completely strong area so even if there is some period of change I think that the economy will not absolutely suffer. The company taxation is decreased and real estate taxation is decreased, so now we have a safe time for the future as I say to counter the waves that we could have in the political system.

Prime Minister:

Thank you all very much. We have issued a communiqué. I hope you will be able to read it. Thank you very much for joining us this evening.