facebook
twitter
rss
account
search
search
 

Asia-Europe leaders call for cooperation

Oct. 25, 2008 at 7:07 AM   |   Comments

| License Photo
BEIJING, Oct. 25 (UPI) -- Asian and European leaders said Saturday they will work cooperatively to tackle the financial crisis threatening the economies of both continents.

The vow came at the end of a two-day Asia-Europe Meeting in Beijing, which saw leaders of 43 Asian and European countries consult with the chiefs of the European Commission and ASEAN, a group of southeastern Asian nations, CNN reported.

"Europe and Asia have come together in Beijing at a time of global crisis, and indeed, we are in a moment where we need global teamwork," European Commission President Jose Manuel Barroso told the broadcaster, adding, "We either stick together or we sink together."

Summit attendees on Friday called for new rules to govern international finance and urged a more expansive role for the International Monetary Fund in helping countries such as Iceland and Pakistan, whose finances have put them in imminent economic peril.

"We need even more financial regulation to ensure financial stability," Chinese Premier Wen Jiabao told reporters. "We need to properly handle the relationship between savings and consumption, or accumulation and consumption. We need to keep savings and consumption at a normal, balanced and coordinated relationship with each other."

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Last hostages freed, suspects arrested in Harvey, Ill.
2
New York Post defies #ISISMediablackout with graphic James Foley cover
3
American photojournalist James Wright Foley executed by Islamic State
4
Father of 'affluenza' teen charged with impersonating cop
5
North Korea insults John Kerry on his appearance
Trending News
Video
x
Feedback