The upcoming G20 summit in London should pass five tests for its success, including a consensus on fiscal stimulus and global financial reform, European Commission President Jose Manuel Barroso said on Tuesday.

"I believe this summit will be judged on five main aspects," Barroso told a pre-summit press conference in Brussels, which reached here.

Setting out the European Union (EU)'s joint position at the London summit, which will take place on Thursday, Barroso said the first test should be the world-wide coordination of fiscal stimulus.

"The key to recovery is boosting global demand. Demand means jobs. And jobs are our first priority," he said.

But Barroso again rejected a call by the United States for EU countries to boost their fiscal stimulus efforts, highlighting a transatlantic rift over the issue.

"In Europe our fiscal effort is over 400 billion euros (US$532 billion). It will rise to nearer 500 billion euros (US$665 billion)," he said. "The priority is now to implement the discretionary part of it quickly, and in full. We must focus on implementation, focus on coordination."

British Foreign Secretary David Miliband said on Sunday that Britain and the US will not push G20 leaders to announce specific spending pledges.

To create lasting demand, a confidence stimulus is also needed, which requires a very ambitious reform of financial markets.

"But equally important, it requires trust in the financial system. That is why more regulation, effective sensible regulation, is essential," Barroso said.

The EU, led by Germany and France, has stressed that financial reform should be the top priority at the London G20 summit, saying it would not only help prevent recurrence of the current financial crisis, but also help rebuild confidence.

The EU itself is putting into place tougher regulations on credit rating agencies, capital requirements and deposit guarantees. The commission will very soon take action on hedge funds, private equity and remuneration.

"The challenge for the G20 is swift, coherent and global implementation of financial market reform," Barroso said, adding he was pleased with the US announcement to come with proposals on capital requirements and hedge funds.

As a sign of policy shift, US Treasury Secretary Timothy Geithner said on Thursday that US President Barack Obama will push higher global financial regulatory standards at the London summit.

Geithner also announced sweeping US regulatory reform proposals on the same day.