Pitching for reforms at international financial institutions, Prime Minister Manmohan Singh has called for a coordinated approach to spur global economic recovery.
In a statement before leaving for Cannes on Wednesday to attend the sixth G20 summit, the PM underlined the sovereign debt crisis in the euro zone as ??the principal source of concern for the global economy??. He said it was imperative that ??decisions needed to address the economic challenges in Europe and elsewhere are taken swiftly??.
The PM said the twin summits of the European Union and euro zone a few days ago helped restore a measure of confidence in the markets, but ??much more needs to be done??.
??The euro zone is a historic project. India would like the euro zone to prosper, because in Europe?s prosperity lies our own prosperity,?? he said, adding: ??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??.
Alluding to the impact of euro zone recession on the Indian economy, the PM said: ??Developing economies such as India need a conducive global economic environment to address the vast challenges they face.??
Singh also made a strong pitch for reform of institutions of global governance, an issue which will figure prominently in the discussions at the summit. ??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.
Besides attending the two-day summit from Thursday, Singh will have bilateral meetings with his host and French President Nicolas Sarkozy, British PM David Cameron, Australian PM Julia Gillard and European Union leaders Herman Van Rompuy and Jose Manuel Barroso.