“We are grappling with a lack of confidence in markets that leaders will act," Australian Prime Minister Julia Gillard said.
The European Commission urged that Europe was fully aware of its responsibilities and is determined to implement measures to tame the crises.
The measures include bolstering the firepower of the rescue fund to 1 trillion euro, a credible solution for Greece, bank recapitalization, fiscal consolidation and promoting growth, the European commission said.
However, Greece needs to accept the latest bailout package to remain in the Euro, the commission said.
“The financial market turmoil has intensified and global growth has slowed while unemployment is rising. Only with ambitious action by all, we will be able to generate new growth and get the 200 million unemployed worldwide back to work" European Commission said.
The European commission stressed that only sustained economic growth can bring back confidence, create jobs and absorb debts.
Other points discussed at the meeting included initiating reforms in the international monetary system (IMF) to ensure that it is equipped to address the current vulnerabilities and crisis situations wherever they occur.
The G20leaders also held discussion on matters such as implementing stricter financial regulations and the idea of a global financial transaction tax.