Japan, China, S. Korea to launch consultative body for financial stability

05 May 2008

Finance ministers from Japan, China and South Korea agreed on Sunday at their meeting in Madrid to create a new framework by the end of the year to promote financial stability in Asia, recognizing the current financial market turbulence as a major risk to the regional economy.

''The current international financial market turbulence is one of the main risks to the economies,'' the finance chiefs said in a joint message issued after the trilateral talks. ''We are mindful of the necessity to enhance communication among authorities responsible for macroeconomic and financial stability.''

 

Joint statement