Early warning system needed

Early warning system needed

KUALA LUMPUR (Reuters): APEC should set up an early warning
system for its economies to avoid sudden shocks like those that
have torn through Asia over the last year, Australian Foreign
Minister Alexander Downer said yesterday.

Downer, on a three-day visit to Malaysia, said the 18-member
Asia-Pacific Economic Cooperation (APEC) forum could do more to
address the Asian economic crisis.

Speaking to reporters after a meeting with Malaysian Prime
Minister Mahathir Mohamad, Downer said: "We believe...the APEC
countries can get together and develop something of a system to
look at the way their financial sectors are working, make sure
where problems are beginning to develop, they are able to help
each other, rectify these problems...so in the years ahead, APEC
economies don't end up with the sudden shocks that we have seen
over the last year."

Malaysia hosts the annual APEC summit in November.

Downer, who also met Deputy Prime Minister Anwar Ibrahim, said
Canberra remained committed to Asia despite the economic
difficulties facing the region.