• Home
• /
• Business

French president calls for Asia support in financial crisis

BEIJING- French President Nicolas Sarkozy on Friday called for Asia to support Europe in its fight against the global financial crisis at a crucial November meeting in the United States.

"When it comes to the Washington summit on November 15, Europe is going to present a united front and we will submit well-considered proposals developed together," he said at the opening of the Asia Europe Meeting in Beijing.

"Europe would like Asia to support that effort, so that together on November 15 we can tell the whole world that the causes of this unprecedented crisis will never happen again."

Leaders from around the world will meet on November 15 in the US capital to discuss the financial crisis and to discuss how to reform the international system to prevent another meltdown.

Sarkozy, whose country currently holds the rotating presidency of the European Union, is a key proponent of a bold relaunching of the international financial system.

He is seeking to overhaul the Bretton Woods system that has governed international finance since the end of World War II, and launch a new system, along with other EU leaders.

But the United States has been more cautious in its approach, stressing the importance of preserving the commitment to free markets, free enterprise and free trade.

Speaking Friday in front of 42 other heads of state and government at the two-day summit, which will focus on the current global financial meltdown, Sarkozy emphasised the importance of the two continents working together.

"It is not a choice we are making to work together, it is our duty," he said.

"Europe needs Asia, it needs Asia's growth, its intelligence and its creativity. And Asia needs Europe, its technology, its know-how, its stability."

His comments came after he held bilateral talks with his Chinese counterpart Hu Jintao at the Great Hall of the People, where he also stressed the importance of presenting a common Asia-Europe front.