A statement on the Group of 20 Summit in Cannes, France by World Bank Group President Robert B. Zoellick, November 4, 2011

Press Release No:2012/142/EXC
Cannes, November 4, 2011 – World Bank Group President Robert B. Zoellick today released the following statement at the G20 Summit in Cannes, France:
 
“The G-20 today presented an agenda to restore confidence in the global economy through its commitment to reinvigorate growth, create jobs, ensure financial stability, and make globalization more sustainable and inclusive. As with all summit declarations, the proof will be in the implementation.
 
“Representing 187 member countries, the World Bank Group is concerned about the spill-over effects from the crisis in the Eurozone on the poor in the developing world. The effects of the crisis have already cast a shadow over growth prospects in developing countries that for the last five years supported the world economy by providing two-thirds of global growth. Trade finance and capital flows are under pressure and the fear is that asset prices and consumer and business demand could also suffer. Developing countries today are in a weaker position, when compared to the crisis year of 2008, to withstand another shock and their people are more vulnerable to downturns than those in developed countries.
 
“The summit usefully agreed to review IMF resources to address the crisis. There was also agreement that more needs to be done in Europe to prevent the Eurozone’s debt problems from becoming everyone else’s problem. This will require effective monitoring of economic reform efforts. It will also require that an adequately resourced European financial firewall is in place to prevent financial contagion from engulfing the more heavily indebted countries.”