EU calls on G-20 leaders to restore confidence

[June 23, 2010]  BRUSSELS (AP) -- The European Union has called on leaders from the Group of 20 rich and emerging nations to restore confidence in the global economy by agreeing on when to withdraw stimulus measures that are supporting economic growth.

In a Wednesday letter to G-20 leaders, the EU also pushed for a global financial transaction tax and levies and taxes on financial institutions worldwide to help pay the costs of unwinding or bailing out banks at risk of collapse.

The 27-nation bloc will be represented by Herman Van Rompuy -- who leads talks between EU governments -- and Jose Manuel Barroso, the head of the EU's executive.

[Associated Press]

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