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As a sign that the Eurozone is exploring the possibility of increasing the funds in the European Financial Stability Fund (EFSF), in the G20 communique is stated that "Member States of the eurozone will implement measures to expand the EFSF» by the next meeting of the finance ministers in October.

Without revealing further details about the expansion of the EFSF, French Finance Minister Francois Baroin used the term "leverage" in a statement before journalists. The U.S. had suggested an increase of the funds in the EFSF through leverage which will provide to the Fund more "tools" and larger financial frameworks for the protection of the eurozone and the European banks.

Senior representatives of G20 pointed out the vulnerabilities of the financial system and the increased risks - due to the debt crisis - as the main factors threatening the global development. In their general statement they commit to ensure the capital adequacy of banks and their access to liquidity.

The challenges facing the global economy, also discussed the leader of the International Monetary Fund Christine Lagarde, who warned of a collapse in the demand if the U.S. and the eurozone did not take the necessary measures to restore their economies.

The role of the BRICS countries

The biggest develoing economies have left open the possibility to increase their participation in the capital of the International Monetary Fund and other international organizations so as to have more "ammunition" to combat the crisis.

The commitment of so called BRICS countries - Brazil, Russia, India, China and South Africa - disappointed those who expected immediate economic assistance to the overindebted countries in Europe. Russian Deputy Finance Minister Sergei Storchak said that Russia's interest to invest in the EFSF remains, but this procedure should not be forced. "The initial development of the EFSF should be done with EU money", explained Storchak. Senior officials from China and Japan made it clear that their support for Europe has a limit, and that the region will need to find a solution to the debt crisis.

Japanese Finance Minister Yun Azumi stressed that the intention of the country to purchase bonds of the EFSF should not be considered a carte-blanche. Deputy Manager of China's Central Bank Guy Gang also indicated that "the actual solution for the European crisis must be found by the Europeans themselves."

BRIC countries urged the developed countries to follow a "responsible" policy to avoid excess liquidity, which is a problem for countries like Brazil.