"The G20 should make specific commitments on capital requirements, hedge funds, credit ratings agencies, accounting standards and on remuneration," Barroso said. "We also want action on tackling tax havens and uncooperative jurisdictions."

Thirdly, Barroso said the world needs a global governance stimulus, which means the international financial institutions, in particular the International Monetary Fund (IMF), should be reformed to reflect the global reality.

"International financial institutions must be more effective, more representative and better resourced," he said, calling for a massive boost of IMF lending resources to help economies in difficulty.

The EU wants to see IMF resources at least be doubled from current US$250 billion to US$500 billion.

EU countries have already agreed to provide 75 billion euros (US$100 billion) in loan to the IMF, together with a pledge by the Japan to make another contribution of US$100 billion.

Barroso said he hoped others could follow the EU's suit by paying the remaining US$50 billion.

As to reform of the IMF, Barroso signaled his support for more saying of emerging economies.

"Emerging economies must have an equitable stake (in the IMF). EU member states will have to be flexible on how this is achieved," he said.

Barroso said there can be no recovery without free and fair trade.

"The G20 must again say three important words loud and clear: no to protectionism," he said. "We must move ahead with the Doha talks, which could boost the global economy by at least US$150 billion per year."

As the last test, the London summit must come out with a development and climate change stimulus.

"There can be no recovery without fairness vis-a-vis the developing countries and coherence with our fight against climate change," Barroso said.

The EU's top official said developing countries must not pay the price of a crisis created in the developed world, so the London summit must pledge to meet the aid promises to poor countries.

Barroso said the financial crisis offers an opportunity for investment in smart green growth.

"The world should also target its investment on the low carbon sectors of the future," he said.

"When we speak about stimulus I believe it is important to have this idea -- it is a stimulus in terms of demand, a stimulus of confidence, a stimulus of global governance, a stimulus to trade and a stimulus to development aid," Barroso said.

But he warned the London summit will yield no "miracle solution" for the financial crisis and more talks may be necessary later this year.

"The G20 will not end this crisis overnight. But it can, it must, it will, make a difference," he said.

(Xinhua News Agency April 1, 2009)