Legal Journals

ASEM Leaders Seek International Cooperation On Financial Crisis

By nperros

At the seventh annual Asia-Europe Meeting (ASEM), leaders of European and Asian nations called for international participation in a global summit on the financial crisis. The summit is scheduled to take place on November 15 in Washington, DC.

The 16 Asian and 27 EU leaders issued a joint statement saying that ?long-term stability of the global and regional financial markets is key to sustainable economic growth of both regions.? They urged the international community to “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.”

President Sarkozy, who currently holds the EU?s rotating presidency, said that a pointed discussion and decisive action were needed on financial issues, including the global currency markets.

?Europe, Asia, and the US and other major financial partners need to work together to define and agree responses to the regulatory challenges,? said European Commission President Barroso at the ASEM opening. Mr. Barroso also cautioned against nations ?closing the door and simply looking after our own house,? and called on member nations to ?firmly resist calls for protectionism, isolation and economic nationalism.?

At a press conference, Chinese Premier Wen Jiabao said that all nations, ?especially the developing ones, need to take decisive measures to stabilize their financial markets? through the development of ?confidence, cooperation, and responsibility.?

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To read President of the European Commission José Barroso’s address at the ASEM convention, please click here.

Full post as published by Harvard International Law Journal Digest on October 28, 2008 (boomark / email).