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Barroso: "This is the beginning of a process" (Extra)

Nov 15, 2008, 20:14 GMT

Washington - EU Commission President Jose Manuel Barroso Saturday praised the outcome of the emergency world finance summit called to shore up the deteriorating world economy.

'I can really say that this was a historic summit,' he told journalists after the gathering of the G20 leaders called by US President George W Bush had disbanded.

'I am very, very happy,' he said.

Barroso added that no one had expected a 'miracle solution.'

It was important that the world's leading economies now had a 'clear time schedule' to reform the international financial system.

'This is the beginning of a process, not the end,' Barroso emphasized.

The G20 leaders have agreed that negotiators are to come up with concrete measures to carry out Saturday's agreement by the end of March and the leaders themselves are to meet again by April 30, which will be after US president-elect Barack Obama has taken office.

The next summit is to take place in London.

Barroso warned against a return to protectionism, echoing a key principle in the final agreement adopted by the world's 20 leading economies.

He also noted the united commitment made at the summit to push forward for agreement on the Doha Round of World Trade Organization talks.

In addition, Barroso said, it was important not only to reform financial markets but also to put 'more trust into the real economy.'