President of the Party of European Socialists (PES) Poul Nyruo Rasmussen welcomed on Saturday the results of a summit of the Group of 20 rich and developing nations at Pittsburgh, the United States, but called for an agreement on financial transaction tax.

"The Pittsburgh summit is potentially historic as it creates a permanent structure for global economic government," he said in a statement.

"But people in Europe and across the world will not accept the G20's legitimacy unless it now urgently delivers jobs-focused green recovery, fairness in burden-sharing and tough regulation of the whole financial system," Rasmussen said.

"I believe the next frontier for the G20 is to agree a global financial transaction tax," he said, prodding next month's European Council to "put it firmly on the table."

He said that fairer taxation to finance new investments for sustainable, green recovery and job creation are needed.

The PES President welcomed the new G20 commitments to fight mass unemployment and its rejection of an "exit strategy".

"The crisis has already destroyed 8 million jobs in Europe and is destroying 59 million globally," the Danish politician said, "Progressive leaders and trade unions have succeeded in securing G20 commitment to a new wave of jobs-focused, coordinated economic stimulus."

Commenting on this week's launch of the new Europeans for Financial Reform campaign, Rasmussen said that it has created a new transatlantic alliance for real system change, alongside Americans for financial reform.

"Together we will give voice to ordinary people across Europe and the world, pressing the G20 and EU to deliver so that we never have to suffer the consequences of such a crisis again," he concluded.

Europeans for Financial Reform is a new pan-European campaign advocating comprehensive financial reform in Europe and globally. It was kick-started in the weeks ahead of the Pittsburgh summit by a wide coalition of NGOs, trade unions, politicians and ordinary citizens.

The PES is a pan-European political party, whose members include socialists of EU nations and Norway as well as the British Labor Party.

Its predecessor is the Federation of Socialist Parties in the European Community.

(Xinhua News Agency September 27, 2009)