Dynamic growth in east Asia may support the world economy amid the current risk of a slowdown in some industrialised countries, European Central Bank President Jean-Claude Trichet said yesterday.
The world must also draw the right lessons from the ongoing correction in financial markets and ensure that growing Asian economies are involved - and take more responsibilities - in international economic forums, he said.
'The world economy might be better able to rely on the dynamism of the Asia-Pacific region should growth in other regions lose momentum. This is particularly important at the current juncture,' Trichet said at a reception of the German-Asian Business Circle in Frankfurt.
The US economy is expected to slow sharply this year due to the sub-prime mortgage crisis. Trichet has often said that the effect of slowing US growth on the euro zone should be limited by strong growth in emerging economies.
Trichet said he welcomed the growing role of emerging Asian economies in financial forums such as the G7, G20 and the International Monetary Fund. 'This means that they also have more responsibilities in the global arena and that the rules of the game need to adapt to keep pace,' he said.
Central bankers and finance ministers from industrialised economies have repeatedly called on emerging Asian economies to liberalise their currency regimes faster, which many Western politicians say give an unfair advantage to Asian exports.
Trichet also restated his support for changes to the financial system to reduce future market turmoil.
