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EU President Calls For “Global Governance” To Solve Financial Crisis

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CNN
Thursday, October 23, 2008

The economic turmoil will be the focus of the two-day, 43-nation Asia-Europe Meeting, which opens Friday in Beijing, according to European Union President Jose Manuel Barroso, speaking at the EU’s Beijing office Thursday.

Leaders hope this week’s summit in China will help bring agreement on a response to the crisis ahead of a November 15 meeting hosted by U.S. President George W. Bush in Washington.

“We need a coordinated global response to reform the global financial system. We are living in unprecedented times and we need unprecedented levels of global coordination,” The Associated Press reported Barroso as saying. “It’s very simple. We swim together or we sink together.”

Barroso outlined no specific proposals but said a solution needed to be based on transparency, responsibility, cross-border supervision and global governance. He also said the world’s financial system needed “major reform.”

EU President Calls For Global Governance To Solve Financial Crisis 161008pptv2 

This article was posted: Thursday, October 23, 2008 at 8:34 am





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