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Asia, Europe Want Financial Reform Now

Beijing steps up as leaders craft plans to manage economies

By Wesley Oliver,  Newser Staff

Posted Oct 25, 2008 6:15 PM CDT
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(Newser) – Asian and European world leaders joined forces today to call for stricter regulation of world financial markets and a shakeup of the monetary system, the Washington Post reports. The declarations marked the close of a 2-day summit in Beijing attended by more than 40 heads of state. Bailouts in the West are "not enough given the current situation, and more needs to be done," said Chinese Prime Minister Wen Jiabao.

Leaders are setting a precedent for next month’s economic forum in Washington, where Nicolas Sarkozy plans to urge President Bush to speed up economic reforms. “We need to turn it into a decision-making forum,” the French president said. One top concern is the future role of the IMF, which has proposed doubling borrowing limits and loosening aid conditions.

Responding to Nicolas Sarkozy, President Bush has said that enacting reform of the global financial and monetary systemsmust be a top priority for the next president and the next Congress.
Responding to Nicolas Sarkozy, President Bush has said that enacting reform of the global financial and monetary systems"must be a top priority for the next president and the next Congress."   (AP Photo/Julie Jacobson)
Chinese Prime Minister Wen Jiabao, front row left, speaks as French President Nicolas Sarkozy, front row right, and other delegation members listen during the 7th Asia Europe Meeting in Beijing.
Chinese Prime Minister Wen Jiabao, front row left, speaks as French President Nicolas Sarkozy, front row right, and other delegation members listen during the 7th Asia Europe Meeting in Beijing.   (AP Photo)
France's President Nicolas Sarkozy, left, gestures to German chancellor Angela Merkel, 2nd right, as they talk before the start of the Asia-Europe Meeting in Beijing.
France's President Nicolas Sarkozy, left, gestures to German chancellor Angela Merkel, 2nd right, as they talk before the start of the Asia-Europe Meeting in Beijing.   (AP Photo/David Gray, Pool)
French President Nicolas Sarkozy speaks during the Opening ceremony for the 7th Asia Europe Meeting held in Beijing, China, Friday, Oct. 24, 2008. Beijing is hosting a two-day meeting of 43 Asian and European nations beginning Friday, where leaders hope to build consensus on a response to the crisis before...
French President Nicolas Sarkozy speaks during the Opening ceremony for the 7th Asia Europe Meeting held in Beijing, China, Friday, Oct. 24, 2008. Beijing is hosting a two-day meeting of 43 Asian and...   (AP Photo/Ng Han Guan, Pool)
French President Nicolas Sarkozy says that reform of the global financial and monetary markets cannot wait until the next US president takes office.
French President Nicolas Sarkozy says that reform of the global financial and monetary markets cannot wait until the next US president takes office.   (AP Photo/Francois Moril)
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Asian countries cool to market slowdown
Associated Press

World Bank, IMF 'falling behind the times'
Bloomberg

China's currency policy is good place to start
Wall Street Journal

World • Money

 
China • Europe • Nicolas Sarkozy • Asia • financial markets • IMF • Wen Jiabao • regulation • George W. Bush

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