Barosso calls for more urgent global coordination to deal with crisis

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Source: CCTV.com | 10-24-2008 09:09

Special Report:   The 7th Asia-Europe Meeting
Special Report:   Global Financial Crisis

Ahead of the Asia-Europe Meeting, EU Commission president Jose Manuel Barroso is calling for more urgent global coordination to deal with the financial crisis. "Interdependence" and "openness" are his two key words.

Ahead of the Asia-Europe Meeting, EU Commission  president Jose Manuel Barroso is calling for more  urgent global coordination to deal with the financial  crisis.

Global economic turmoil, its scale unseen for many decades.

Barosso suggests the current model be revamped at the international level and is stressing the need for a major reform of the world's financial system. He says the international community must swim together, or it will sink together.

EU Commission president Barosso said, "The financial crisis has shown how interdependent we have become markets and investments know no boundaries."

The president is not outlining specific proposals, but he is suggesting the solution be based on principals of transparency, responsibility, cross-border supervision, and global governance.

Leaders from around the world are hoping the Beijing Summit will help build consensus on a response to the crisis before another meeting to be held in Washington on November 15th.

 

Editor:Zhang Ning