Page last updated at 11:28 GMT, Saturday, 25 October 2008 12:28 UK

Asia and West 'seek crisis fix'

Asia-Europe Meeting, Beijing
Talks were held in the Great Hall of the People in Beijing

European and Asian nations will work more closely to tackle the global economic crisis, UK Foreign Secretary David Miliband has said.

Speaking from the Asia-Europe summit in Beijing, he said there was "renewed commitment to multilateral co-operation" in financial regulation.

Leaders also backed a stronger role for the International Monetary Fund.

They said a consensus was being formed ahead of a meeting in Washington DC next month of the 20 largest economies.

Mr Miliband said the 43-nation Asia-Europe Meeting had "been important in setting up" the US talks Prime Minister Gordon Brown will be attending on 15 November.

Mr Miliband told BBC Radio 4's Today programme the meeting had highlighted the shift in economic power towards the east.

Most people can see that there are deeper imbalances in the world economy that need to be addressed
David Miliband, Foreign Secretary

He said: "I don't think it's just the fact that we are meeting in The Great Hall of the People and we listened to the general secretary of the Chinese Communist Party talking about the need to prop up global capital markets that brings home to one that there is this big shift in economic power.

"But what is also clear is that there's been an increase in economic vulnerability."

Mr Miliband acknowledged that the West had criticised Asia over its economic slump 10 years ago but said there had been no "finger-pointing" in reverse.

He said: "There's been, actually, a sense of shared commitment...

"Most people can see that there are deeper imbalances in the world economy that need to be addressed and that, actually, a part of the global economic downturn that really needs to be tackled."

While in Beijing, Mr Miliband will also attend a Communist Youth League debate on whether the 21st Century will be the "Asian Century".

He will also meet with Lord Stern and Chinese economists who have held talks on climate change.




RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific