Full text of Asia-Europe Meeting summit's statement on financial crisis

BEIJING, Oct. 25 (Yonhap) -- The following is a statement on the international
financial situation adopted by leaders of the Asia-Europe Meeting member states
at the closing of their summit talks in Beijing on Saturday.

Statement of the Seventh Asia-Europe Meeting on the International Financial Situation

1. Leaders attending the Seventh Asia-Europe Meeting had an in-depth discussion
on the current international economic and financial situation and its trend of
development. They expressed concern over the impact of the spreading
international financial crisis on the global economy and in particular, the
severe challenges it poses to financial stability and economic development of
countries in Asia and Europe.
2. Leaders believed that authorities of all countries should demonstrate vision
and resolution and take firm, decisive and effective measures in a responsible
and timely manner to rise to the challenge of the financial crisis. Leaders
expressed full confidence that the crisis could be overcome through such
concerted efforts.
3. Leaders welcomed the measures adopted by countries and organizations to ensure
the smooth running of the financial system and real economy. They called on the
international community to continue to strengthen coordination and cooperation
and take effective and available economic and financial measures in a
comprehensive way to restore market confidence, stabilize global financial
markets and promote global economic growth.
4. Leaders agreed that IMF should play a critical role in assisting countries
seriously affected by the crisis, upon their request.
5. Leaders were of the view that to resolve the financial crisis it is imperative
to handle properly the relationship between financial innovation and regulation
and to maintain sound macroeconomic policy. They recognized the need to improve
the supervision and regulation of all financial actors, in particular their
accountability.
6. Leaders called on all countries to pursue responsible and sound monetary,
fiscal and financial regulatory policies, enhance transparency, inclusiveness,
strengthen oversight, and improve crisis management mechanisms so as to maintain
their own economic development and the stability of the financial markets. They
agreed that the necessary and timely measures should be taken to preserve the
stability of the financial system.
7. Leaders pledged to undertake effective and comprehensive reform of the
international monetary and financial systems. They agreed to take quickly
appropriate initiatives in this respect, in consultation with all stakeholders
and the relevant international financial institutions. The International Monetary
Fund and other international financial institutions should bring into play their
mandated role in the international financial system, to help stabilize the
international financial situation.
8. Leaders supported the convening of an international summit on 15 November 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.
9. Leaders agreed to make full use of ASEM and other cooperation mechanisms to
enhance information sharing, policy exchange, and pragmatic cooperation on
supervision and management in the financial sector and effectively monitor,
prevent and respond to financial risks to ensure sustained, stable and sound
economic growth.
ycm@yna.co.kr
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