EU should create G-3 with US, China: Spain
November 24th, 2009 - 5:43 pm ICT by IANSMadrid, Nov 24 (EFE) Spain’s foreign minister has said that the European Union should consider the idea of forming a G-3 along with the US and China if it aspires to be a key world actor.
Miguel Angel Moratinos made the proposal during his appearance before a parliamentary committee to report on Madrid’s priorities during its upcoming six-month turn in the EU presidency.
The minister acknowledged that the EU should strengthen its relationships with the US and China so that they will not be the only big economic powers wherein the capacity for influence in the world is concentrated.
“If the EU advances in the direction in which we all want and with the feeling of a global actor, at some time we have to imagine that there will be a G-3,” he remarked.
Moratinos made this statement after lawmaker Jordi Xucla warned of the risk of the EU remaining on the margin of a G-2 formed by the US and China.
Until the global financial crisis, the leading player in attempts to coordinate economic policy was the G-7, comprising the US, Japan, Germany, Britain, France, Italy and Canada.
But the extent, severity and nature of the crisis shifted the focus to the G-20 group, which includes emerging powerhouses such as China, Brazil and India.
The foreign minister said that the objectives of the Spanish presidency will be to revitalise the EU relationship with the US in all areas to give it “greater ambition”.
The US-EU summit will be one of 14 that Spain will organise during its six-month term in the EU presidency.
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Tags: ambition, attempts, economic policy, economic powers, efe, eu presidency, european union, extent, foreign minister, global actor, global financial crisis, japan germany, key world, lawmaker, madrid, miguel angel moratinos, parliamentary committee, powerhouses, priorities, severity
