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Asia and EU leaders meet amid recession fears

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Asia and EU leaders meet amid recession fears

Asia and EU leaders meet amid recession fears
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Asian and European leaders have gathered for a second day of their forty three nation summit facing the massive task of propping up panic-stricken world markets. European leaders have been rallying Asian support for the financial summit in Washington next month.

France s Nicholas Sarkozy in particular wants world leaders to agree stricter controls on all financial institutions in the future. The Europeans put the emphasis on togetherness.

European Commission President Jose Manual Barroso said Europe and Asia have come together in Beijing at the time of global crisis. Indeed we are in the moment when we need global teamwork. As I said two days ago, we swim together or sink together.

The current financial crisis has injected urgency into the Asian summit. In Japan shares tumbled almost ten per cent a shocking reminder of the financial meltdown in Asia in the nineteen nineties. Then Japan saw its currency slump and an alarming rise in personal debt.

In Europe shares sank yesterday, Frankfurt and London were both down more than five per cent. Paris was down three and half per cent. The Asian summit came to no firm decisions on how to handle the current crisis but was left in no doubt something has to be done. to restore confidence