ClickAJob News

European and Asian leaders meeting in Beijing have pledged to oversee extensive reform of international financial systems.

The promise came as world markets slumped on Friday, Britain teetered on the edge of recession and the United Nations warned poorest countries would be the worst affected by the global financial crisis.

At the biennial Asia-Europe meeting (Asem) a joint statement released late on Friday said: "Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems.

"They agreed to take quickly appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institutions."

Opening the talks, which are expected to move on to climate change today, Chinese premier Wen Jiabao said: "Overcoming the crisis requires global action and a joint response.

"Asia and Europe are important forces in maintaining financial stability and promoting economic growth. We should join hands to show the world our confidence."

French president Nicolas Sarkozy, whose country holds the rotating presidency of the EU, said Asem's commitment raised expectations of a G20 meeting next month.

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

Meanwhile, in a meeting between UN leaders, the World Bank and the International Monetary Fund, UN secretary general Ban Ki-moon called on the international community to safeguard the economies of developing countries.

"The crisis we are seeing today will impact all countries, developed and developing, but its most serious repercussions will be felt most by those who are least responsible – the poor in developing countries," a joint statement said.

"Immediate action is needed to protect people, jobs, shelter and livelihoods.

"As we look to the next seven years of the implementation of the [Millennium Development Goals] to 2015, we must ensure that hard-won gains by countries are not reversed and must act to avert the risk of millions in poor countries sliding back into extreme poverty."