European Commission President Jose Barroso on Friday urged the members of the Asia-Europe Meeting (ASEM) to work to establish open markets with rules.
"We should firmly resist calls for protectionism, isolation and economic nationalism. This would only harm us and our prospects for recovery," said Barroso at the opening ceremony of the seventh ASEM summit.
He said the ASEM members should strive for open markets with rules, which included transparency, responsibility, accountability, cross-border supervision and global governance.
U.S. President George W. Bush held talks with French President Nicolas Sarkozy and Barroso last Saturday in Camp David. They agreed to convene an international summit to review the whole global financial structure.
Bush's office said the heads of 20 developed and emerging countries would gather in Washington on November 15.
"Preparing and contributing to this initiative is of the highest priority for us all." Barroso said.
He voiced his concern over the impact the financial crisis might bring to the real economy and proposed to reform the international financial system.
"Beyond specific problems in the financial sector, the crisis has also shown the risks of some macroeconomic imbalances and points to problems with the fundamentals of the global economy," he said.
Besides financial crisis, he also called for more attention to the other global challenges, such as climate change, sustainable development, energy security, social cohesion, and respect for human rights.
All the global issues emphasized the need for a more comprehensive dialogue, deeper understanding and more substantive coordination amongst world leaders, he said.
Source:Xinhua
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