MercoPress. South Atlantic News Agency

Members of G20 say Europe needs to take extra steps to solve its problems

Mexico Deputy Finance Minister Gerardo Rodríguez

The Group of 20 economic powers will push Europe to take extra steps as it works toward a deal to boost resources for the International Monetary Fund, Mexico Deputy Finance Minister Gerardo Rodríguez said on Friday.

Rodríguez said G20 officials, who met in Mexico City on Thursday and Friday, did not discuss specific details on increasing IMF resources.

The IMF is seeking to more than double its war chest by raising 600 billion dollars in new funds to help countries deal with the European debt crisis. But the plan faces roadblocks from the United States and other countries.

Rodriguez said the meeting, which included officials from the world's biggest economies and major emerging market powerhouses such as China and Brazil, was “a good starting point.”

“I think there is a good willingness for dialogue with all the countries, European, non-European, the US, Brazil,” he said.

Rodríguez said G20 members agreed Europe should do more to resolve its own problems.

“There is recognition of the measures Europe has taken” Rodríguez said. “But it's also clear that more needs to be done.”
Finance ministers and central bank governors from G20 countries will meet in Mexico late next month. Mexico currently holds the presidency of the G20 and will be hosting later this year the annual summit.