Asian and European finance ministers say that a slowdown in the United States, tightened credit conditions and high energy and food prices pose «downside risks» for the global economy. They expressed that view Monday in a statement after concluding a meeting in South Korea. The ministers said that while they remain «positive about the long-term outlook of the global economy» they «recognized that the short-term economic prospects have weakened.» The gathering is held every two years as a part of the broader Asia-Europe Meeting, or ASEM, process, the Associated Press reported. ASEM is a dialogue and cooperation body that brings together the 27-member European Union and 16 Asian countries. The ministers also said that Asia and Europe are more resilient to external shocks than 10 years ago.
