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
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)
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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.