ASEM summit statement on financial crises

25 October 2008

In a common statement ASEM members called on the international community to strengthen co-ordination and co-operation and recognized the need to improve the supervision and regulation.

The 7th ASEM summit held in Beijing focused on the means to tackle the international financial crisis. In a common statement ASEM members called on the international community to strengthen co-ordination and co-operation and recognized the need to improve the supervision and regulation.

 

They agreed that the international monetary and financial systems should be reformed with the IMF and other international financial institutions to take an increased role.

 

Commission President Barroso underlined that a globalised world requires “principles and rules, such as transparency, responsibility, accountability cross-border supervision and global governance.”

 

However, he also warned that the reaction to the crises must not result in protectionism. “We cannot meet these challenges by closing the door and simply looking after our own house”, he said. “We should firmly resist calls for protectionism, isolation and economic nationalism. This would only harm us and our prospects for recovery.”

 

Full statement

Full speech Barroso