By José Manuel Durão Barroso

The G20 summit in London will be a key moment to achieve results that will help end the present financial and economic crisis and prevent future ones. I am confident that we will deliver the plan, for the sake of preserving and creating jobs and prosperity, in Europe and worldwide.

The present crisis is the first big crisis of the globalization age. Indeed, some people blame it on globalization. They advocate "de-globalization" as the way out of the crisis.

Plausible as it sounds, it is dead wrong. The way out of this crisis is not "de-globalization". Protectionism and economic nationalism are false friends which fuel poverty and conflict: we saw that in the 1930s. The way out of this crisis is "re-shaping globalization".

We need to establish a global set of rules that allow us to master globalization. It is only by working together across borders that we can put the potential of the markets at the service of the citizens, and address global challenges like climate change, energy security and fighting poverty.

These rules must be based on values and ethical principles. They must combine freedom, responsibility and solidarity. They must make sure that markets reward hard work and initiative, not mere speculation.

Now the European Union is uniquely equipped to become a driving force towards a values-based, rule-based globalization. There is no other region anywhere in the world that has a similar experience of agreeing on trans-national rules and of implementing them effectively. Our joint assets – from the internal market to the Euro – have been invaluable for the stabilization efforts undertaken since the crisis began, and they are the best platform possible for our recovery.

The European Union has agreed to go to London with a common message. We have taken swift and decisive joint decisions. We have put forward a huge stimulus package: the efforts of the Member States and of the EU level itself taken together amount to over 400 billion €. We have acted in coordination to stabilize our banks. We have helped Member States in need, i.e. Latvia, Hungary and Romania. We have devised a comprehensive blueprint for more effective, safer financial markets.

The Commission has brought forward measures to strengthen capital requirements for banks, improve deposit guarantees and reinforce regulation of credit ratings agencies. We have proposed improved cross-border supervision of important financial undertakings, including a new body to monitor the overall build up of risks in the system and to take preventive action. Proposals on hedge funds, private equity and executive pay will follow in the coming weeks.