European Union leaders called for pre-G20 summit

An extraordinary informal summit has been called for EU leaders next week to prepare a common position before to the G20 meeting in Pittsburgh, US, later this month.

Swedish Prime Minister Fredrik Reinfeldt yesterday confirmed there would be an extra meeting of EU leaders on September 17 following a call by various member states.

The EU normally holds two summits in the span of six months. However, it has become increasingly common for leaders to be called to Brussels more frequently in order to discuss urgent matters.

Next week's meeting will consist of an informal working dinner aimed at drawing up the EU's position prior to the G20 summit on September 24-25. It is a follow-up to April's summit in London and designed to establish new rules on the supervision of international financial markets to prevent a repeat of the global financial crisis that started last September.

Germany, France, the UK, Italy and Sweden, as holder of the EU Presidency, will be attending the Pittsburgh summit along with the European Commission. All other EU member states not members of the G20, including Malta, will be represented by the Presidency, which speaks on their behalf.

The Pittsburgh summit will address issues such as the need for coordinated exit strategies to reduce economic stimulus packages when the economic crisis ends. The meeting will also tackle the issue of compensation and bonuses in the financial sector.

It would discuss international climate change negotiations and address the issue of financing help for developing countries to cope with the costs of tackling climate change and dealing with its effects.

Last week, the leaders of the UK, France and Germany sent a letter to the Swedish Presidency calling for a common EU stand on bonuses to be put forward during the G20 meeting. They want bonuses paid out in instalments so these could be reduced or cancelled if banks performed badly.