Indonesia to host fifth ASEM-FFM meeting in Bali

Indonesia to host fifth ASEM-FFM meeting in Bali

Dadan Wijaksana, The Jakarta Post, Jakarta

Poverty alleviation will be high on the agenda of the fifth
Asia-Europe Finance Ministers Meeting (ASEM-FMM) in Bali from
Saturday through Sunday.

The dialog forum will discuss various options to intensify
efforts in fighting poverty, under the theme of Millennium
Development Goal, a press statement from the Ministry of Finance
said on Thursday.

Aside from poverty alleviation, the forum will also discuss
how to strengthen economic ties between the two continents,
develop inter-region finance corporation, and combat terrorism
and money-laundering practices.

"As a whole, this forum aims to create stronger economic and
financial corporation between the two continents, so as to push
development and economic growth to a higher level," the statement
said.

Details of the meeting's agenda remain vague, but analysts say
the forum, which was first held in 1996 in Thailand, should be of
major importance for Asia, particularly host country Indonesia,
amid the rising profile of the EU in the global economy and the
lingering recession in the United States and Japan.

While Japan is suffering from contraction, the U.S. is still
struggling to recover from the recession.

On the other hand, the EU has been enjoying relatively more
stable economic conditions, which is reflected by the current
strong performance of the region's currency, the euro, against
other major world currencies, notably the dollar.

Since it was introduced four years ago, the euro has become
one of the world's top currency performers.

In Indonesia, calls have been on the rise for the government
to switch from the dollar to the euro as a means of payment in
international trade and to boost the euro component of foreign
reserves.

It remains unclear if the forum will also look into the
possibility of broader use of the euro in Asia.

According to the release, 10 Asian and 15 European nations
have confirmed participation in the forum, as well as the
European Commission, while Minister of Finance Boediono will head
the Indonesian delegation as the host.

Four international financial institutions will also take part
in the meeting: the International Monetary Fund (IMF), World
Bank, Asian Development Bank (ADB), and the European Central Bank
(ECB).