Europe and Asia meet on financial crises

Over forty heads of governments from Europe and Asia met Friday evening to discuss and find solutions to the acute world financial crisis, reported Dagens Nyheter today. A general feeling of emergency characterizes the Asem meeting that is held every other year.

Even before the meeting formally opened, discussions on the current financial crisis already begun. Swedish Prime Minister Fredrik Reinfeldt was quoted as saying to the Swedish media in Beijing : "After all, I find myself in the company of some 44 heads of governments and those who say that things are bad in Sweden should hear what others are describing. It is dramatic for many just now."

During dinnertime, the attending heads of governments focused their talks on finding common measures to meet the threat and dampen the crisis. " It is a darkness that looms over the world", said Reinfeldt after hearing what others say of the effects and prognoses in their respective countries.

The European Union's Chairman Jose Barroso in his opening statement urged cooperation in creating common rules and regulations for the international financial system and the importance of not closing national doors to protect domestic markets. His message was that protectionism only stops the chance for world recovery. The discussions were mainly on how the stabilisation package could be coordinated globally. "It is how to do this without over-regulating the market", says Reinfeldt.

The Asem meeting has no deciding mandate but the French President Nicolas Sarkozy urged the Asian government leaders to support Europe, in order to write a rule book on international capitalism which would guide the forthcoming meeting in Washington between 20 countries on Nov. 15 this year.#