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EU summit turns to review of world affairs

Oct 29, 2010, 10:45 GMT

Brussels - European Union leaders on Friday turned from a night of institutional wrangling to a morning of debating world affairs as they met for the end of a two-day summit in Brussels.

Questions of economic reform and the need to change the bloc's founding treaties dominated lengthy discussions on the first day of the summit. Friday's agenda was set to deal with the EU's approach to climate change and worldwide financial recovery.

'The world economy is recovering from the crisis. However, there remain a number of issues that require sustained attention at the global level,' read a draft summit statement seen by the German Press Agency dpa.

A number of the EU's top leaders, including Chancellor Angela Merkel of Germany, are to attend a summit of the Group of 20 (G20) leading economies in Seoul on November 11.

The EU should warn nations attending the meeting against 'engaging in exchange rate moves aimed at gaining short term competitive advantages,' the draft read.

Tensions have flared between the United States, China and Japan over allegations of unfair currency policies. G20 finance ministers tried to bridge their differences at a meeting on Saturday, but without any of the main players making breakthrough concessions.

In December, meanwhile, EU negotiators are to travel to Cancun, Mexico, for United Nations-led talks on fighting climate change.

The EU has so far failed to gain influence over the climate debate. Friday's draft statement holds out the veiled warning that the bloc could walk away from the only current climate-change deal, the Kyoto Protocol, if other major greenhouse-gas emitters do not sign up to their own emissions cuts.

The EU 'confirms (its) willingness to consider a second commitment period under the Kyoto Protocol provided (its) conditions are met,' the draft read.

Leaders had also been expected to discuss forthcoming EU summits with the United States, Russia and Ukraine. However, diplomats said that those subjects were dropped from the main debate after wrangles over internal economic reforms took longer than expected.

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