The $1.1 trillion G20 deal to protect the global economy will not fix the world’s problems overnight, European Commission President Jose Manuel Barroso said in a newspaper interview published on Saturday.
“We cannot expect a miracle from the summit but I think we took the right decisions and I think we should concentrate on implementation and co-ordination of the measures. Then we can see the light at the end of the tunnel,” Barroso told the Telegraph newspaper.
The G20 group of old and emerging powers agreed to tougher financial regulations at this week’s London summit, as well as a substantial cash boost for international institutions to provide a more powerful defense against the economic downturn.
Nations also reaffirmed a commitment to refrain from protectionism. “It is well understood,” he said. “Now after a good debate I see a real commitment.” “We need open, competitive, market economies ... but at the same time with effective regulation and supervision.” (Reuters)