European Union (EU) leaders on Sunday agreed on the bloc's position for the upcoming G20 summit, calling on all G20 members to reform the international monetary system, strengthen financial regulation and tackle the excessive volatility of commodity prices.

The G20 should approve an ambitious action plan to deal with the current economic slowdown and to "ensure strong, sustainable and balanced growth while implementing credible fiscal consolidation," EU leaders concluded after the one-day summit here on Sunday.

The 2011 G20 Summit is scheduled to be held in the French city of Cannes on Nov. 3-4, as the contagious sovereign debt crisis across Europe is shattering market confidence in a world of fragile recovery.

The G20 should ensure that the International Monetary Fund has adequate resources to fulfill its systemic responsibilities, according to the conclusions of the summit.

The introduction of a global financial transaction tax should be explored and developed further, the conclusions added.

EU leaders also urged the G20 countries to promote global recovery, advance international trade liberalization and combat climate change.

The G20 represents 85 percent of global output and two thirds of the world's population with the G7 countries, 12 emerging economies and the EU. It is neither an institution nor an international organization, but a high-level forum that brings together global leaders for economic and financial cooperation.

This year, the French presidency puts the reforming of the international monetary system and strengthening financial regulation at the top of its agenda.

Other priorities include combating commodity price volatility, supporting employment, strengthening social dimension of globalization and fighting corruption.

VietNamNet/Xinhuanet