The economic crisis has given no signs of going away so soon.

That’s why the 43 Asian and European leaders who met in Beijing are determined to propose changes in financial markets in order to avoid that their countries are affected by the crisis. Moreover, they asked to IMF provide more resources so that poorer countries can create an emergency fund in order to save financial institutions and other companies.

The meeting also served to ensure that countries can begin building a consensus on what will be discussed in Washington, where leaders of the twenty largest economies in the world will meet in a dome on the financial crisis.

Despite recent efforts of governments, the fear that a world recession is approaching continues increasing and now it seems that everyone agreed to “undertake effective and comprehensive reforms of the monetary and financial systems.”

It’s like they discovered the obvious: dump hundreds of billions of dollars in financial markets is not an effective measure because they are just giving money to large international speculators.

Therefore, it is necessary to create mechanisms that give more transparency to the actions in the financial markets. Because if no reform is made in this direction, this crisis may become much worse than already is.

http://www.bbc.co.uk/portuguese/reporterbbc/story/2008/10/081025_asem_crise_dg.shtml