Posted on 05/04/2008 6:28:09 PM PDT by DeaconBenjamin
MADRID (Kyodo) The finance ministers of Japan, China and South Korea agreed Sunday to create a new framework by the end of the year to promote financial stability in Asia, recognizing the current financial market turbulence as a major risk to the regional economy.
In a joint message issued after they met in Madrid, the three ministers said, "The current international financial market turbulence is one of the main risks to the economies, and the interdependence in terms of both financial transactions and trade of goods and services is steadily increasing in the Asian region."
Against this backdrop, they said they are "mindful of the necessity to enhance communications among authorities responsible for macroeconomic and financial stability," and they "recognized the importance of holding a workshop initially by the end of this year with participation of ministries of finance, financial supervisory authorities and central banks in China, Japan and South Korea."
Finance Minister Fukushiro Nukaga, Chinese Finance Minister Xie Xuren and South Korean Strategy and Finance Minister Kang Man Soon met on the eve of a two-day annual meeting of the Asian Development Bank in the Spanish capital from Monday.
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