ID :
144179
Wed, 09/29/2010 - 08:41
Auther :
Shortlink :
https://www.oananews.org//node/144179
The shortlink copeid
Asian, European leaders to vow to work on fiscal rehabilitation
BRUSSELS, Sept. 28 Kyodo -
Asian and European leaders gathering in the Belgian capital next month will
pledge better coordination on reforms to prevent financial crises and maintain
sustainable growth, a draft declaration to be adopted at the Asia-Europe
Meeting showed Monday.
In the declaration on the global economic crisis, the leaders are also expected
to note the importance of promoting international economic integration, with
free-trade agreements between Asia and Europe in mind.
Japanese Prime Minister Naoto Kan will attend the summit meeting, which will
draw representatives from 48 countries and organizations, including Japan,
China, South Korea and members of the European Union.
Topics discussed at the meeting will also be on the agenda at the summit
meeting of the Group of 20 advanced and emerging economies in Seoul in November
and that of the Asia-Pacific Economic Cooperation forum in Yokohama later in
the month.
In the draft, obtained by Kyodo News, the leaders declare that the economic
crisis has exposed ''weaknesses'' in the global economic and financial system,
saying that there is a connection between large fiscal deficits and the
''continued fragility of the financial markets and uncertainty in the world
economy.''
Priority should be given to restoring market confidence, they say, urging Asian
economies to make efforts to sustain a robust recovery and maintain growth
momentum.
The leaders also pledge to strengthen ''sources of growth'' and say the
economies concerned must work on reducing excessive public debts and global
imbalances, citing the existence of countries with enormous trade surplus as an
example.
The declaration expresses the leaders' resolve to conclude the Doha Round of
global trade liberalization talks under the framework of the World Trade
Organization, noting that its conclusion would be a powerful stimulus for
sustained recovery on a global scale.
On International Monetary Fund reforms, the leaders are expected to express
their support for giving developing countries greater representation in the
organization given the greater weight they carry in the world economy today.
But discussions about it are expected to be postponed to a future general
meeting of the IMF given a dispute between Europe and developing countries over
the matter.
Europe is reluctant to see its representation weaken on the IMF's Executive
Board, where it currently holds nine seats, including Switzerland, a non-EU
member, if greater voting power is given to developing countries through the
shifting of IMF quota shares.
The leaders also stress in the declaration the importance of stronger capital
adequacy rules for banks and other financial reform measures aimed at
preventing a global economic crisis.
==Kyodo
Asian and European leaders gathering in the Belgian capital next month will
pledge better coordination on reforms to prevent financial crises and maintain
sustainable growth, a draft declaration to be adopted at the Asia-Europe
Meeting showed Monday.
In the declaration on the global economic crisis, the leaders are also expected
to note the importance of promoting international economic integration, with
free-trade agreements between Asia and Europe in mind.
Japanese Prime Minister Naoto Kan will attend the summit meeting, which will
draw representatives from 48 countries and organizations, including Japan,
China, South Korea and members of the European Union.
Topics discussed at the meeting will also be on the agenda at the summit
meeting of the Group of 20 advanced and emerging economies in Seoul in November
and that of the Asia-Pacific Economic Cooperation forum in Yokohama later in
the month.
In the draft, obtained by Kyodo News, the leaders declare that the economic
crisis has exposed ''weaknesses'' in the global economic and financial system,
saying that there is a connection between large fiscal deficits and the
''continued fragility of the financial markets and uncertainty in the world
economy.''
Priority should be given to restoring market confidence, they say, urging Asian
economies to make efforts to sustain a robust recovery and maintain growth
momentum.
The leaders also pledge to strengthen ''sources of growth'' and say the
economies concerned must work on reducing excessive public debts and global
imbalances, citing the existence of countries with enormous trade surplus as an
example.
The declaration expresses the leaders' resolve to conclude the Doha Round of
global trade liberalization talks under the framework of the World Trade
Organization, noting that its conclusion would be a powerful stimulus for
sustained recovery on a global scale.
On International Monetary Fund reforms, the leaders are expected to express
their support for giving developing countries greater representation in the
organization given the greater weight they carry in the world economy today.
But discussions about it are expected to be postponed to a future general
meeting of the IMF given a dispute between Europe and developing countries over
the matter.
Europe is reluctant to see its representation weaken on the IMF's Executive
Board, where it currently holds nine seats, including Switzerland, a non-EU
member, if greater voting power is given to developing countries through the
shifting of IMF quota shares.
The leaders also stress in the declaration the importance of stronger capital
adequacy rules for banks and other financial reform measures aimed at
preventing a global economic crisis.
==Kyodo
