European Union President calls for "global governance" in response to engineered economic crisis

http://edition.cnn.com/2008/BUSINESS/10/23/global.markets/index.html

U.S. in 'midst of a credit tsunami,' says GreenspanOctober 24, 2008 [...]The economic turmoil will be the focus of the two-day, 43-nation Asia-Europe Meeting, which opens Friday in Beijing, according to European Union President Jose Manuel Barroso, speaking at the EU's Beijing office on Thursday. Leaders hope this week's summit in China will help bring agreement on a response to the crisis ahead of a November 15 meeting hosted by U.S. President George W. Bush in Washington. "We need a coordinated global response to reform the global financial system. We are living in unprecedented times and we need unprecedented levels of global coordination," The Associated Press reported Barroso as saying. "It's very simple. We swim together or we sink together."Barroso outlined no specific proposals but said a solution needed to be based on transparency, responsibility, cross-border supervision and global governance. He also said the world's financial system needed "major reform."

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