ASEM joint statement about int´l financial situation

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Source: CCTV.com | 10-25-2008 12:12

Special Report:   Global Financial Crisis
Special Report:   The 7th Asia-Europe Meeting

The first plenary session of the Asia-Europe Meeting has yielded a joint statement on the global financial situation.

The first plenary session of the Asia-Europe Meeting has yielded a joint statement on the global financial situation. (CCTV.com)

In the statement, Asian and European leaders express full confidence that the current crisis can be overcome through concerted efforts.

In the statement, leaders say they believe it is imperative to handle properly the relationship between financial innovation and regulation. And

sound macro-economic policy is necessary.

They call for "necessary and timely measures to be taken to preserve the stability of the financial system."

Leaders pledged to undertake "effective and comprehensive reform" of the international monetary and financial systems and agreed to take "appropriate initiatives" in this respect.

The statement stresses that the International Monetary Fund should play a critical role in assisting countries seriously affected by the crisis.

Leaders also support the convening of an international summit on November 15th in Washington to discuss response strategies to the current crisis, the reform of international financial systems and the long-term stability and development of the world economy.

Leaders also agreed to make full use of regional cooperation mechanisms like the ASEM to strengthen information sharing, policy coordination and supervision in the financial sector so that crises of the same nature can be effectively monitored and prevented.

ASEM statementon global financial situation:

Properly handling the relationship between financial innovation and regulation is imperative. Sound macro-economic policy is necessary.

Stability of the financial system should be preserved with necessary and timely measures.

Effective and comprehensive reform of international monetary and financial systems should be undertaken.

The IMF should play a critical role in assisting countries seriously affected by the crisis.

An international summit should be convened on November 15th in Washington to discuss response strategies to the crisis, reform of international financial systems and long-term stability and development of the world economy.

The use of regional cooperation mechanisms like the ASEM should be put into full play.

 

Editor:Zhang Pengfei