KOBE -- Finance ministers from 25 Asian and European countries agreed Saturday to take cautious steps to minimize the impact of a U.S. economic slowdown on their economies, a Japanese government official said.
The ministers also agreed during the two-day Asia-Europe Meeting (ASEM) of finance ministers being held here that emerging economies should have the right to adopt a foreign exchange system suitable to their economic conditions, the official said.
ASEM kicked off Saturday and focused on establishing a desirable currency regime in Asia to prevent a recurrence of the 1997 Asian financial crisis, as well as on economic situations in Asia and Europe amid a slow down in the U.S economy.