European Union (EU) leaders hammered out on Friday a joint front for the G20 summit to be held in London early next month on the global economy and financial crisis.

The following are the major points of the EU's common position agreed by the 27 member countries' leaders after they wrapped up a two-day summit here:

1. International coordination of fiscal stimulus measures

The EU will push for continuous international coordination of fiscal stimulus measures.

So far, the EU has rebuffed a US call to increase fiscal stimulus spending. Instead, EU leaders say already planned fiscal stimulus packages should be implemented swiftly.

Priority should be given to restoring the functioning of credit markets and facilitating the flow of lending to the economy, the EU leaders said.

2. No protectionism

Keep markets open and avoid all forms of protectionist measures, they said.

The EU leaders in particular called for a swift conclusion of the long-stalled Doha Round of global trade talks and support for a multilateral initiative on trade finance.

3. Reform of International Monetary Fund (IMF)

The EU wants to charge the IMF with a strengthened role in monitoring financial regulations in close collaboration with the Financial Stability Forum (FSF).

It also wants to improve IMF surveillance instruments in order to strengthen its key role in crisis prevention and enhance collaboration between the IMF and the FSF so as to identify systemic risks and weaknesses arising from the financial sector and regulations, and ensure that members take corrective actions.

The EU leaders said the IMF's lending resources should be very substantially increased so that the fund can help its members swiftly and flexibly if they experience balance of payments difficulties.

They said they are ready to provide, on a voluntary basis, a fast temporary support of the IMF's lending capacity in the form of a loan totaling 75 billion euros (US$103 billion), and urged others to follow their example.

They support the reform of the governance of international financial institutions, especially the IMF, agreeing to give more say to emerging and developing economies.

The EU also hopes to find consensus on a Global Charter for Sustainable Economic Activity as a first step toward a set of global governance standards.