Quick decisions needed to resolve Eurozone crisis: PM

Manmohan Singh
New Delhi, Nov 2: Prime Minister Manmohan Singh today (Nov 2) said difficult decisions were needed swiftly to address the Eurozone crisis.

In a statement before departure attending the G-20 summit in Cannes in France, he said the twin summits of the European Union and Eurozone a few days agohave helped to restore a measure of confidence in the markets but much more needs to be done.

"It is imperative that the difficult decisions needed to address the economic challenges in Europe and elsewhere are taken swiftly," Singh said.

He said the Eurozone is a historic project."India would like the Eurozone to prosper because in Europe's prosperity lies our own prosperity," he said.

The Prime Minister noted that the Cannes Summit takes place against the backdrop of the sovereign debt crisis in the Eurozone and the crisis has emerged as the principal source of concern for the global economy.

He expected the G-20 summit to signal a "strong and coordinated approach" to put the global economy back on track, while addressing medium term structural issues.

"It is important for the Cannes Summit to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues," Singh said.

Developing economies such as India need a conducive global economic environment to address the vast challenges they face, he said.

"In an increasingly interdependent world, we have to be wary of contagion effects and the import of inflationary pressures in our economy. We need to ensure that developing countries have access to requisite funds through multilateral development banks and to investible surpluses to meet their infrastructure and other priority needs," Singh said.

The issue of global governance will also come up for discussion during the G20 meet.

"This is an issue of importance to India, and we will work with others to develop effective and representative global governance mechanisms and carry forward the process of reform of the international monetary and financial system," he said.


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