United global action is the only way to beat the world’s financial woes. That is the message the President of the EU Commission will deliver when the leaders of 45 countries come together in Beijing for the seventh Asia-Europe meeting.
The 27 EU member states will trade views with Japan, China and India and 13 other Asian countries. The financial crisis plaguing world markets will be top of the agenda. The two regions account for two thirds of world trade and now is the chance to achieve consensus.
At a press conference before the summit in Beijing, Jose Manuel Barroso said: “ASEM provides the opportunity to enhance financial policy dialogue and cooperation between Asia and Europe. The latest events have made clear that the current model of financial regulation and supervision needs to be revamped at international level.”
Asian stocks fell on opening today. Japan’s Nikkei index dropped nearly seven per cent in early trading, down for a third day after hitting a five year low on Thursday. Japan’s export driven economy has been hit hard by the European and US downturns.
Growth in the South Korean economy is also at a four year low. The Japanese, Chinese and South Koreans announced this morning they would hold an economic summit in December to respond to the crisis.