Europe's recovery essential for developing nations, says Pranab

New Delhi, June 7 (ANI): Union Finance Minister Pranab Mukherjee said on Monday that recovery of Europe from economic crisis is essential for developing countries.

After returning from the G-20 Summit in Busan, Mukherjee said that faster recovery of Europe would be essential for the FDI inflows and exports of the developing countries.

"We analyzed the overall global financial situation and in that context, from India's side I gave my perceptions that still the recovery is fragile. In between the events in Euro zone, particularly the price in Greece has taken over. Therefore, it is the responsibility of Europe to contain the contagion of Greece because recovery of Europe and faster recovery is essential for the developing countries both from flow of FDI and also for the exports," said Mukherjee who was in South Korea's second largest city Busan to attend a G-20 Summit with the finance ministers of the emerging and industrial economies.

The Union Minister also that during the meeting, India suggested that the process of international financial institutional reforms should be expedited so that the emerging market economies have their adequate voices.

"In respect of the international financial institutional reforms, we suggested that the process of reforms should be expedited. ................interpretation of the joint communiqui is being done in different way that should be sorted out and the process should be expedited so that the emerging market economies and developing countries like India, China and other countries have their adequate voices," said Mukherjee.

At the just concluded G-20 meet, there was a broad convergence of views and the divergences were narrowed down.

The recommendations will be put for consideration of the leaders of the summit of Toronto and these will be further discussed vis-'-vis the framework.

The working group will recommend a second phase that will be presented before the November summit and after getting the broad acceptance of the leaders; work on the second phase will be started.

The June 4-5 meeting in the port city of Busan was held in preparation for a summit of G-20 leaders in Toronto on June 26-27. (ANI)