BEIJING: Asian and European leaders made a big effort at a summit here to show a united front in fighting the global economic crisis, but analysts question if it will translate into quick, firm action as promised.

The leaders of more than 40 countries emerged from two days of talks pledging to comprehensively reshape the world’s financial system, and that concrete steps would be taken at an emergency meeting in Washington next month.

The bold statements from the Asia-Europe Meeting (ASEM) appeared to be a victory for French President Nicolas Sarkozy, who made it clear his main goal in Beijing was to win Asian support for his ambitious financial reform plans.

Sarkozy is looking to completely reshape the global economic structure to replace the Bretton Woods system that has governed international finance since the end of World War II, with the Washington summit to kick off the process.

“The fact that so quickly all the Asian leaders agreed on the principles that we brought to this meeting is a good demonstration of the possibility of reaching a consensus,” European Commission chief Jose Manuel Barroso said.

But the statements that emerged out of the ASEM forum appeared to be more a show of unity to a frightened public as the global financial crisis deepens, with no actual firm plans presented, according to some economists and analysts.

“My impression is that there’s a lot of warm words but there doesn’t seem to have been much move towards any firm coordinated action,” said Mark Williams, a London-based economist with Capital Economics research consultancy.

“I’m sceptical as to whether anything more will emerge in Washington in a couple of weeks’ time.” The emergency Washington summit on Nov 15 will gather the Group of 20 largest industrialised countries and developing economies to look at ways to end the worst financial meltdown since the Great Depression.

While Sarkozy and many in Europe are looking for wholesale restructuring of the financial system with a far greater regulatory oversight, US President George W. Bush has insisted the tenets of the free market must remain.

“As we focus on responses to our short-term challenges, our nations must also recommit to the fundamentals of long-term economic growth free markets, free enterprise and free trade,” Bush said on Saturday.

A joint statement from the ASEM summit appeared to show that Asian leaders had begun to lean towards Sarkozy in this debate.

“Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems,” the statement said.

Chinese Prime Minister Wen Jiabao also said he wanted to see much greater regulation of the financial system.

But Michael Pettis, an American finance professor at Beida University in Beijing, said that Asian giants China, Japan and South Korea, or indeed any strong nations, were unlikely to give up too much independence on this issue.—AFP