G8: EU area still remains in recession

G8 leaders, who hold a two-day summit in Enniskillen in North Ireland this week, call Eurozone countries to increase efforts to form a banking union in the area.

The G8 emphasized the importance of the process of building the banking union acceleration and generally of propping up the Eurozone economy. The officials insisted that it was necessary to continue implementing reforms as the area still remains in recession, even though the impact of the crisis has been waning.

G8 leaders also call Japan to come up with a credible medium-term fiscal program. As far as the outlook for the global economy is concerned, the G8 agreed that it remains weak.

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