EU – World Economy: 0.75
The recently leaked draft communiqué from the G20 leaders’ meeting demonstrates a near-complete congruence with the European Union’s world economy priorities at the G8 and G20 Summits. They have managed to achieve firm support from the G20 regarding fiscal consolidation initiatives. In fact, the G20 has encouraged fiscally troubled countries “to accelerate the pace of consolidation.”
Moreover, the G20 communiqué also voices support for initiatives relating to New Millennium Governance, including solvency tests for European banks, the European Financial Stability Mechanism and Facility, and deficit reductions to the extent of at least 50 per cent by 2013. Thus, nearly all of the European Union’s economic initiatives have gained G8 and G20 support at the Toronto Summit. However, because there are no safeguards mentioned that would protect the non-Euro members of the European Community from economic polarization, the European Union has achieved a score of 0.75 for world economy.