Asian, E.U leaders call for financial market overhaul

Asian and European Union leaders, meeting in Beijing, have called for the revamping of global financial regulation, lending support to French President Nicolas Sarkozy's initiative to this effect.

• The heads of over 40 Asian European governments “pledged to undertake effective and comprehensive reform of the international monetary and financial systems”, according to a statement issued in Beijing.
• Pt. Sarkozy, whose country France ensures the rotating E.U presidency, is pushing for a financial market overhaul to check the current world economic downturn.
• Asian and EU leaders said the “IMF should play a critical role in the projected reform process which has secured a unanimous consensus among all the major world powers”.
• The IMF is considering an emergency program to avert a collapse of emerging markets.
• Preparations are underway for the G.20 summit on November 15 in Washington with the major industrialized and emerging nations in attendance.
• For the German Finance Minister Peer Steinbruck, the current financial crisis, which brought numerous Banks on the brink of bankruptcy, is expected to last until late 2009.