The 7th Asia- Europe Meeting (ASEM) concludes with concession on addressing the global financial crisis

BEIJING, Oct. 25 (Xinhua) -- The Seventh Asia-Europe Meeting (ASEM 7) was held in Beijing on 24 and 25 October 2008. The Summit was attended by the Heads of State and Government of sixteen Asian and twenty-seven European nations, the President of the European Commission and the Secretary-General of ASEAN Secretariat.The two-day 7th Asia-Europe Meeting (ASEM) was concluded here Saturday with participants reaching consensus on global financial crisis and other issues.

The meeting, attended by leaders and representatives from 45 Asian and European nations and organizations, realized its expected goal and was a great success, Chinese Premier Wen Jiabao said in a closing speech.

As one of the most fruitful achievements, a statement of the 7th ASEM on the international financial situation was adopted at the meeting.

"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," said the statement.

The international community should 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, it said.

According to the document, leaders supported the convening of an international summit on Nov. 15 in the United States to address the current crisis and principles of reform of the international financial system.

The summit also adopted a declaration on sustainable development.

"The adoption of various cooperation proposals shows and proves again the interior impetus for strengthening dialogue at the ASEM and great potential for extending cooperation," Wen said.

Amid the global financial turmoil, the ASEM has been widely regarded as an opportunity for Asian and European leaders to find a solution.

French President Nicholas Sarkozy called the meeting very "helpful" for Asia and Europe to tackle the global financial crisis and build up common cause.

"We had discussed nearly all of the topics concerned by the two continents including the most difficult issues," he said at a press conference at the end of the meeting.

Premier Wen told the press conference the need of confidence, cooperation and responsibility to find a solution to the global financial meltdown.

"We are glad to see that many countries have made their efforts and achieved some results. But it is not enough as we now see it, and more endeavors are needed," said Wen.

All countries, especially developed ones, should take measures as soon as possible to stabilize the financial market and build public confidence, he said.

Financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system, he added.

The premier also declared that China would actively attend the Nov.15 financial summit.

BEIJING, Oct. 24 (Xinhua) -- Following is the full text of the Statement of the Seventh Asia-Europe Meeting on the International Financial Situation issued here Friday.

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

Beijing, 24 October 2008

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.