Bulgarian President Calls for Responsible Global Finance at ASEM

The 8th biannual EU-Asia meeting kicked off Monday in Brussels. Photo by EPA/BGNES.

States must change their response and attitudes to financial globalization, said Bulgarian President Georgi Parvanov at the eighth biannual Asia-Europe meeting (ASEM).

ASEM, which includes the 27 EU member states and the 10 members of the Association of Southeast Asian Nations (ASEAN), began Monday in Brussels. It is viewed as a chance for the EU to tighten its connections to the Asian region.

Speaking Monday evening the Bulgarian Presidentc called for a "radically new regional and global financial architecture."

"Global finance should be inextricable related to effective economic and social policies to ensure a new sustainable model of growth and development," stated Parvanov, underlining the need for finanical responsibility.

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