I do not recognise the figure that the right hon. Gentleman gives, but I can tell him that the Commission has recognised that, in these exceptional circumstances, countries—including those in the euro area—may well exceed the 3 per cent. limit.
As I said, at the euro-area summit of
The crisis, however, is global and requires a global solution, so we are also working with partners outside Europe. The G20 summit in Washington in November set a vital precedent for international co-operation. Governments from developed and developing economies debated solutions to the crisis and they agreed on closer macro-economic co-operation and to take whatever actions are necessary to stabilise the financial system and support growth.
The G20 Finance Ministers will meet under the UK presidency in March, and the G20 leaders will meet at the London summit in April. International co-operation is of the greatest importance, and the European Union, its institutions and member states, are among our most important partners.
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