“Australia must stand ready to play its part in the G20 deliberations on the European banking and sovereign debt crisis,” Business Council of Australia Chief Executive Jennifer Westacott said today.

“Resolution of the European crisis should be the highest global priority for policymakers around the world.

“The consequences of failure will be severe for the people of Europe, and the health of the global economy. A breakdown in the euro will undoubtedly have major implications for Australia.

“Australia must play a constructive role by being prepared to make a contribution as appropriate to any negotiated solution, including through our membership of the International Monetary Fund (IMF).

“Australia has acted in such a way as a global citizen in the past by agreeing to contribute through the IMF during the Asian financial crisis, and should be prepared to do so again if necessary to support global and ultimately our own economic interests,” Ms Westacott said.