ID :
26680
Sun, 10/26/2008 - 19:28
Auther :
Shortlink :
https://oananews.org//node/26680
The shortlink copeid
Asian, European leaders for overhauling financial systems
Beijing, Oct 25 (PTI) Advocating a collective response to the crisis created by global meltdown, leaders from Asia and Europe pledged to overhaul financial systems and have a better regulatory mechanism.
In the revamp of the system, the world leaders favoured a
"critical role" for agencies like International Monetary Fund
(I.M.F.) in bailing out countries badly affected by the
crisis, as they laid the ground work for a summit next month
in Washington, where they expect more firm decisions to be
taken.
The 7th Asia Europe Meeting (A.S.E.M.) Summit, which came
to a close Saturday, saw leaders of 45 countries deliberating
over issues of international concern including the financial
turmoil, climate and sustainable development.
"Leaders pledged to undertake effective and comprehensive
reform of the international monetary and financial systems,"
the statement issued by the Summit on the financial situation
said.
"They agreed to take quickly appropriate initiatives in
this respect, in consultation with all stakeholders and the
relevant international financial institutions," it said.
The leaders said that market and regulatory failures had
led to the present crisis and these had to be addressed the
foremost, calling on a greater role for the I.M.F. in helping
out crisis-stricken nations.
"Leaders agreed that I.M.F. should play a critical role
in assisting countries seriously affected by the crisis, upon
their request," the statement read.
Expressing confidence that the crisis could be overcome
through "concerted efforts," A.S.E.M. agreed that authorities
of all countries should take firm, decisive and effective
measures in a responsible and timely manner to rise to the
challenge.
The statement adopted a day before the Summit came to a
close also recognised the need to improve supervision and
regulation of all financial actors, "in particular their
accountability".
The summit opened Friday with the attendance of the
leaders and representatives from 45 Asian and European nations
and organisations.
It has drawn the participants' attention from the
designed topics of energy, climate change, food security and
sustainable development to coping with the financial crisis.
India participated in the summit for the first time,
which welcomed five other new members -- Bulgaria, Mongolia,
Pakistan, Romania, and the Secretariat of the Association of
Southeast Asian Nations (A.S.E.A.N.).
Chinese Premier Wen Jiabao urged unity between the two
regions as they tackled the worst financial crisis since the
Great Depression of the 1930s, and called for more regulation
of the financial system.
"Only through cooperation can we have strength, can we
tide over the difficulties," Wen told reporters after the end
of the talks.
The leaders from Asian and Europe also supported
convening of an international summit on November 15 in
Washington D.C. to address the current crisis and principles
of reform of the international financial system as well as
long-term stability and development of the world economy. PTI
In the revamp of the system, the world leaders favoured a
"critical role" for agencies like International Monetary Fund
(I.M.F.) in bailing out countries badly affected by the
crisis, as they laid the ground work for a summit next month
in Washington, where they expect more firm decisions to be
taken.
The 7th Asia Europe Meeting (A.S.E.M.) Summit, which came
to a close Saturday, saw leaders of 45 countries deliberating
over issues of international concern including the financial
turmoil, climate and sustainable development.
"Leaders pledged to undertake effective and comprehensive
reform of the international monetary and financial systems,"
the statement issued by the Summit on the financial situation
said.
"They agreed to take quickly appropriate initiatives in
this respect, in consultation with all stakeholders and the
relevant international financial institutions," it said.
The leaders said that market and regulatory failures had
led to the present crisis and these had to be addressed the
foremost, calling on a greater role for the I.M.F. in helping
out crisis-stricken nations.
"Leaders agreed that I.M.F. should play a critical role
in assisting countries seriously affected by the crisis, upon
their request," the statement read.
Expressing confidence that the crisis could be overcome
through "concerted efforts," A.S.E.M. agreed that authorities
of all countries should take firm, decisive and effective
measures in a responsible and timely manner to rise to the
challenge.
The statement adopted a day before the Summit came to a
close also recognised the need to improve supervision and
regulation of all financial actors, "in particular their
accountability".
The summit opened Friday with the attendance of the
leaders and representatives from 45 Asian and European nations
and organisations.
It has drawn the participants' attention from the
designed topics of energy, climate change, food security and
sustainable development to coping with the financial crisis.
India participated in the summit for the first time,
which welcomed five other new members -- Bulgaria, Mongolia,
Pakistan, Romania, and the Secretariat of the Association of
Southeast Asian Nations (A.S.E.A.N.).
Chinese Premier Wen Jiabao urged unity between the two
regions as they tackled the worst financial crisis since the
Great Depression of the 1930s, and called for more regulation
of the financial system.
"Only through cooperation can we have strength, can we
tide over the difficulties," Wen told reporters after the end
of the talks.
The leaders from Asian and Europe also supported
convening of an international summit on November 15 in
Washington D.C. to address the current crisis and principles
of reform of the international financial system as well as
long-term stability and development of the world economy. PTI
