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Asian and European leaders urge financial optimism

Asian and European leaders urge financial optimism
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Whatever was happening on market floors around the world, at the meeting of Asian and European leaders in Beijing, the message was solidarity and optimism.

The Chinese Premier Wen Jiabao said the global financial situation was a severe shock. The European Commission President Jose Manuel Barroso said it was down to the people there to sort it out. “In this room we represent three-fifths of the world’s population, and produce half of global GDP. Our combined action can and should make a difference.”

The European Union wants Asia to play a full part in the crisis summit that US President George Bush is convening next month. “Europe wants Asia to support our effort so together we can tell the world on November 15th that the causes of the crisis, which have no precedent, will not be reproduced,” said French President Nicolas Sarkozy.

Host China knows its fortunes depend on financial stability in the rest of the world. Germany insists the way to achieve that is through transparency, stricter supervision of financial institutions and closer international cooperation.