Asian and European leaders discuss global financial crisis

Beijing, Oct 24 : World leaders have expressed confidence that they can overcome the global financial meltdown, Foreign Secretary (East), Ministry of External Affairs, N. Ravi said on Friday.

While briefing reporters, Ravi said the leaders wanted the forthcoming financial summit in Washington to come out with an action plan to revive the economies hit by the crisis.

"Overall they looked to Asia as a demand centre which can help revive the economic activities across the continents," said Ravi and added, "They are hopeful that with this meeting and the meeting being scheduled in Washington on November 15 a concrete action plan would come up which can be implemented to revive the sentiments and the economies."

The leader further called for a mechanism to check that the present financial crisis doesn't occur again in future.

"They mentioned that there is need to look at the whole scenario of credit as supervising mechanism in a way that it will ensure that such a thing will never happen again. They wanted a solid and a transparent mechanism," he added.

Earlier today, China's Premier Wen Jiabao met twelve Asian leaders for an early breakfast meeting. hinese President Hu Jintao and Wen also held talks with European Commission President Jose Manuel Barroso, who has said the EU would use the gathering to urge China and India to help shore up world growth and join a proposed summit on the financial crisis.

The EU hopes China, with the world's biggest hoard of currency reserves and the world's fastest-growing major economy, can help shape global financial reforms and tackle the economic imbalances, the root of the present turmoil.

Prime Minister Dr. Manmohan Singh will address the Summit on Saturday.

Besides the global financial crisis, issues like energy, climate change and food security will also figure in the deliberations.

ANI