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European and Asian Finance Ministers Meet in Bali

25 Nations Discuss Poverty Alleviation at Bali Summit.

(7/7/2003) The Fifth Asia-Europe Finance Ministers Meeting (ASEM-FMM) convened in Bali July 5-8, 2003, to discuss global economic developments and international financial cooperation.

Finance Ministers from ten Asian nations and fifteen European Union members attended the meeting, together with the European Commission for Economic and Monetary Affairs and representatives of the International Monetary Fund (IMF), World Bank, Asian Development Bank, and European Central Bank.

Among the topics discussed were global poverty alleviation, stronger economic cooperation between Europe and Asia, the war on terrorism, and measures to combat money laundering.

Since the establishment of the European Union and the successful introduction of a single currency for most European nations, Europe is seen as an increasing attractive partner for Asian economic development. As a result, many Indonesian economic experts and legislators have called for the Nation to divorce itself from a dollar-tied economy in favor of the stronger and arguably more stable Euro.