Business Says Euro Debt Deal Only First Step (October 27, 2011)

October 27, 2011

Business Says Euro Debt Deal Only First Step

The International Chamber of Commerce (ICC) welcomed the agreement reached by leaders to address the challenges of sovereign and bank debt in Europe, calling it a development that should contribute to restoring confidence and stability to the world economy. But ICC, which USCIB represents in the United States, said it believes that a strong multilateral effort by all G20 countries will be needed to lead the world economy into a position of renewed growth and job creation.

“The leaders of the G20 are uniquely placed to build on this example of European unity to adopt a plan that will take the world economy beyond the reach of instability and growing unemployment,” said ICC Chairman Gerard Worms. “As they did in 2009, the G20 can agree on a plan where emerging and developed economies chart a course out of crisis into a new period of growth and job creation.”

ICC Chairman Gerard Worms

ICC said greater coordination and more effective international governance are crucial for ensuring that economic policies are consistent and contribute to global stability. It said this can best be brought about by continuing to develop a more formal framework between the G20 countries – the leaders of which are meeting for a Summit in Cannes, France on November 3-4 – and key intergovernmental financial institutions like the International Monetary Fund.

USCIB Chairman Harold McGraw III, CEO of The McGraw-Hill Companies and also vice chairman of ICC, will participate in the B20 Business Summit taking place just prior to the G20 Summit in Cannes, which ICC is organizing alongside other major business groups.