Asian, European leaders say rules guiding the global economy should be rewritten

Other News Materials 25 October 2008 06:20 (UTC +04:00)

Asian and European leaders have agreed that the rules guiding the global economy should be rewritten and the International Monetary Fund should be given a lead role in aiding countries hit hardest by the financial crisis, AP reported.

On a day when stock markets plunged around the world, leaders from nations including China, France, Germany and Japan said Friday that they were moving toward consensus ahead of next month's meeting of the 20 largest economies in Washington.

A draft of a meeting statement on the crisis seen by The Associated Press called on the IMF and similar institutions to act immediately to help stabilize struggling banks and staunch the flood of red ink on regional stock bourses.

If adopted, the statement would be among the strongest calls yet for a leading role in the crisis for the Washington-based fund, long known as the international lender of last resort.