Asian and European leaders met Saturday for the second day of their biennial summit after calling for new rules for the world's financial system and a larger role for the International Monetary Fund. The two-day ASEM summit, being held this year in Beijing, China, brings together the leaders of 43 Asian and European nations. The heads of the European Commission and ASEAN, a group of southeastern Asian nations, are also part of the meeting. While the summit is usually a forum for political, economic and cultural issues, it has taken on added significance this year because of the global financial crisis, CNN reported. Leaders at the summit called Friday for new rules in dealing with international finance. They also urged a leading role for the IMF to help countries like Iceland and Pakistan that are struggling with the current crisis. "We represent three-fifths of the world's population and produce half of global GDP, " said Jose Manuel Barroso, president of the European Commission. "Our combined action can and should make a real difference."
