Finance ministers from the Association of Southeast Asian Nations began two days of talks Saturday on measures to buffer the region's economies from the effects of a global economic slowdown and a planned network of bilateral currency swaps within East Asia.
Malaysian Finance Minister Daim Zainuddin, in opening remarks at the gathering, said that despite the economic recovery in the region, the world economic slowdown has dampened its exports and led to a crunch in external financing. Meanwhile, he said, oil prices are rising and equity markets are falling.
"Overall, the issues that need to be addressed are comprehensive, ranging from issues related to macroeconomic stabilization to those related to structural reform," Daim said.
He also called on ASEAN to "remain focused on the longer-term issues including preventing the recurrence of the currency and financial crisis" that hit the region in 1997 and 1998.