By Martha Moss - 3rd April 2009
Commission president José Manuel Barroso has said that the G20 deal is a "defining moment" for the world's response to the financial crisis.
World leaders agreed on Thursday a USD1.1 trillion package of measures to help the economy recover from the recession.
The agreement will see resources to the International Monetary Fund tripled to USD750bn, with USD250bn committed to boosting global trade.
It also includes increased financial regulation and a clamp down on tax havens.
"This has been a defining moment for the world's crisis response," Barroso said.
Commending British prime minister Gordon Brown for the success of the summit, he said it had delivered decisions to protect people's jobs, prosperity and futures.
"We have taken responsibility to map a way out of this crisis," he added.
"To rebuild confidence and credibility we need to put the world economy back on track. Swiftly, with determination and with unity."
PES president Poul Nyrup Rasmussen was more sceptical about the outcome of the summit.
While he commended Brown for doing "a magnificent job", he said a major financial stimulus was needed to create jobs.
"The G20 had important successes and one big disappointment," argued Rasmussen.
He welcomed the extra IMF funding and agreements on financial regulation, tax havens, the Doha world trade round and toxic assets.
But he added, "The failure to agree a new stimulus is a major disappointment. European conservatives Sarkozy and Merkel have blocked what the world most urgently needs - a new stimulus to create jobs."
He said it was up to the Socialists to maintain pressure on conservative leaders "who refuse to invest what's needed to create new jobs".
"They say Europe has done enough. I say Europe has a lot more to do to get the unemployed back to work," he said.
EPP president Wilfried Martens welcomed the outcome of the G20, saying it highlighted "strong cooperation between the main economies around the world is the right way to tackle the current economic crisis".
"The package of measures adopted today will be a fundamental step in order to strengthen the global economy and to stimulate employment and the economic growth," he noted.
"It is a historic compromise taking into account the figures of the economic stimulus - USD1 trillion - decided and the political agreement achieved by the leaders who were present in London.
"The outcome of today's meeting is in line with the priorities of the EPP, represented by several of our leaders - Nicolas Sarkozy, Angela Merkel, Silvio Berlusconi, Jan Peter Balkenende, Mirek Topolanek, Recep Tayyip Erdogan and José Manuel Barroso - who attended the summit."
The measures in the G20 come ahead of commission plans to set out reforms of executive pay, hedge funds and private equity later in the month.
And Barroso said the May employment summit would help "define common principles to preserve and create jobs".
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