Wins and losses for EU at G20 - by Andrew Willis

A range of compromise agreements enabled leaders to save face on Sunday (27 June) as the Group of 20 meeting in Canada drew to a close. A declaration on cutting national budgetary deficits in half by 2013 was heralded as a victory by EU politicians, but European hopes for a global bank levy fell by the wayside.

Weak language in the final communique highlighted the divergency of views on a global bank levy, with countries that avoided the worst of the financial crisis such as Canada, Australia and Brazil, opposing the idea.

Should countries such as Germany, France and the UK decide to push ahead anyway, the weekend's decision means European levies are likely to be smaller as a result, in order to prevent banks simply moving to more lenient jurisdictions.

For more: EUobserver / Wins and losses for EU at G20