Asia and Europe call for joint action on markets.

Heads of state from across Asia and Europe called for a coordinated response to the global financial crisis in a two-day conference in Beijing, an event that underlined China's growing role as a diplomatic counterweight to the United States.

But the leaders fell short of offering specific solutions to the current economic troubles, which have shown no signs of slowing. On Sunday, the central bank of South Korea, where stock markets and the currency have been plunging, said that it would hold an unscheduled monetary policy meeting Monday morning, Reuters reported.

The bank, which gave no other details about the meeting, is under pressure to cut interest rates for the second time this month. Top government financial officials met Sunday with President Lee Myung Bak and agreed on "the need to stabilize market interest rates and to provide sufficient liquidity to avoid corporate bankruptcy," Reuters quoted a senior presidential economic policy aide, Bahk Byoung Won, as saying.

In the difficult balance between preserving financial innovation and ensuring adequate regulation to prevent crises, the presidents, prime ministers and other leaders assembled in Beijing tilted toward more regulation in their meetings Friday and Saturday. A joint statement issued at the conference did not suggest how to accomplish this, but it said "necessary and timely measures should be taken."

The statement did not exclude innovation, but contained a two-sentence section that indicated the preference of the attendees: "Leaders were of the view that to resolve the financial crisis it is imperative to handle properly the relationship between financial innovation and regulation and to maintain sound macroeconomic policy. They recognized the need to improve the supervision and regulation of all financial actors, in particular their accountability."

China said it would attend the international conference on the financial crisis in Washington that President George W. Bush has scheduled for Nov. 15. But without directly criticizing the United States, Prime Minister Wen Jiabao of China noted that the effect of global financial turmoil on Chinese financial institutions had been muted.

China has moved cautiously in allowing greater financial competition and in permitting money to flow in and out of the country. "We need financial innovation, but we need financial oversight even more," Wen said at a news conference in Beijing on Saturday, according to Reuters.

Bush and his advisers have also accepted a need for more regulation in some areas. But in a subtle yet potentially important difference of tone that reflects many years of more market-oriented policies in the United States than in Europe or Asia, the Bush administration has repeatedly said that regulation should not go so far that it prevents banks and other financial institutions from finding effective yet safe ways to meet their customers' needs.

The event in Beijing drew heads of state and other top officials from the 27 member countries of the European Union and the 10 members of the Association of South East Asian Nations as well as China, Japan, South Korea, India and Pakistan. The conclave was the seventh biennial Asia-Europe Meeting, a series of gatherings started in 1996 and last held in Finland two years ago.
In addition to Wen and President Hu Jintao of China, those attending the Beijing meeting included President Nicholas Sarkozy of France, Chancellor Angela Merkel of Germany, Prime Minister Taro Aso of Japan and Lee of South Korea.

The statement issued at the conference contained a veiled indication of wariness about the International Monetary Fund, saying that it "should play a critical role in assisting countries seriously affected by the crisis, upon their request."

China has been blocking the release of the IMF's annual report on its economy for months because it objects to the IMF's attempt - mainly at the request of the United States - to review whether China is deliberately undervaluing its currency so as to increase exports.

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From 20 Oct. 2008 to 24 Oct. 2008 Europe Zone fail to stop the finanical meltdown, the above news is what they are now working on the stop the finanical metldown, maybe needed a big chance in finanical system.

This Dec. may have a window dressing for fund managers so will expected a sell down as investors from all over the world are redeeming their fund from unti trust funds.

Expert like warren buffet claim is a good time to buy the stock at cheap price but look like the finanical metldown will have to cool down with a longer time, may like what Japan's 90s property market bubble burst. For warren buffet, he is rich, he is able to hold on with longer period like 5 to 6 years for a stock that he bought, he know the business cycle where he had bought those stocks at cheapest price.