Principles and practices of EU external representation - TMC Asser ...

CLEER WORKING PAPERS 2012/5
Wouters, Van Kerckhoven and Odermatt
national implementation of G20 policies. The EU, which itself was working on
establishing the ESFS, 29 applauded this development. 30
The European Council subsequently called upon the Council and the Commission
to prepare the Pittsburgh 2009 G20 meeting thoroughly 31 ahead of its
informal meeting on 17 September 2009. This informal meeting resulted in
‘agreed language’ for the Pittsburgh G20 summit. The main objectives for the
EU were (i) achieving a sustainable recovery; (ii) prioritizing jobs; (iii) swiftly
implementing the commitments for financial markets; (iv) promoting responsible
remuneration practices in the financial sector; (v), strengthening international
financial institutions; (vi) strengthening recovery in the world’s poorest
countries; (vii) sharing the effort on climate finance; and (viii) promoting energy
security. 32
At the G20 meeting in Pittsburgh (24-25 September 2009), the G20 agreed
upon the following points within the agreed language of the EU: strong policy
responses were maintained but exit strategies would be prepared, 33 a framework
for strong, sustainable and balanced growth was launched, 34 responsible remuneration
practices had to be promoted, 35 governance of the global financial
architecture 36 energy market transparency, 37 fighting protectionism and bringing
the Doha round to a conclusion, 38 an attempt to reach agreement at the
29 In order to establish the EFSF, the following was agreed: The regulations and directives
adopted by the European Parliament and the Council on 24 November 2010 were: Regulation
(EU) No 1092/2010 on European Union macro-prudential oversight of the financial system and
establishing a European Systemic Risk Board (O.J. 2010 L331/1); Regulation (EU) No 1093/2010
establishing a European Supervisory Authority (European Banking Authority) (O.J. 2010 L331/12);
Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance
and Occupational Pensions Authority) (O.J. 2010 L331/48); Regulation No 1095/2010 establishing
a European Supervisory Authority (European Securities and Markets Authority) (O.J.
2010 L331/84); Directive 2010/78/EU amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC,
2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and
2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking
Authority), the European Supervisory Authority (European Insurance and Occupational Pensions
Authority) and the European Supervisory Authority (European Securities and Markets Authority)
(O.J. 2010 L 331/120). See also Council Regulation (EU) No 1096/2010 of 17 November 2010
conferring specific tasks upon the European Central Bank concerning the functioning of the European
Systemic Risk Board (O.J. 2010 L331/162).
30 G20 Leaders supra note 18 para.15; European Council Presidency supra note 16 para.
xi,xii, xv, xvi, xiii, xvii, xix, xviii, xx.
31 European Council Presidency Conclusions 18/19 June 2009, Brussels, 10 July 2009.
32 Informal Meeting of EU Heads of State or Government. Brussels 17 September 2009.
33 G20 Leaders supra note 1 para. 10, 14; Informal Meeting supra note 32 para 2.
34 G20 Leaders supra note 1 para. 3; Informal Meeting supra note 32 para 3.
35 G20 Leaders supra note 1 para. 16, 17, Annex para 13.; Informal Meeting supra note 32
para 15, 16.
36 G20 Leaders supra note 1 para. 18,20 and 21; Informal Meeting supra note 32 para 17
(500 billion USD NAB also in G20 outcome), 18.
37 G20 Leaders supra note 1 para. 26; Informal Meeting supra note 32 para. 29.
38 G20 Leaders supra note 1 para. 27, 28; Annex to the G20 Declaration, A Framework for
Strong, Sustainable and Balanced Growth, para 48-49; Informal Meeting supra note 32 para. 4.
132