updated 10/30/2011 1:10:38 PM ET 2011-10-30T17:10:38

Two European Union leaders have called on the upcoming G-20 summit of wealthy and developing countries to build on the EU plans to stabilize the eurozone and further boost the global recovery.

EU Council President Herman Van Rompuy and Commission President Jose Manuel Barroso wrote in a weekend letter to the leaders that there was "continued need for joint action" to get the world economy back on track.

Last Thursday's three-pronged EU deal appeared to have met expectations for some kind of major action and stock market rallied in Europe and around the world. The EU plan retools the eurozone's underpowered bailout fund, calls on banks to take 50 percent losses on Greek bonds and orders them to raise €106 billion ($150 billion) in new capital by June.

The G-20 leaders meet in Cannes, France, on Thursday and Friday.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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