EDITORIAL - United front

World markets are on a roller-coaster ride, with stocks plunging once again yesterday. Recent events show that certain factors tend to calm jitters. One is speed in responding to a financial emergency. Another is a massive infusion – or at least a guarantee — of funding for ailing banks. A third factor is a united, coordinated response — between the White House and Congress, in the case of the United States and, across the Atlantic, among the members of the European Union. 

Today the EU will push for a broader united front, not just in addressing the financial crisis but also in long-term efforts to deal with global warming, promote food and energy security, and make the world a safer place. A two-day summit hosted by Beijing starts today, with 45 countries that account for two-thirds of world trade attempting to forge a united front against the pressing problems besetting the planet.

The effort will not be easy. The 27 EU members, the 10 members of the Association of Southeast Asian Nations, the countries of South Asia together with China, Japan and South Korea have widely disparate levels of economic development, political systems and national needs. Those differences have set back attempts to forge a free trade agreement between Europe and Asia, with most countries finding it easier to negotiate bilaterally. In addressing climate change, developing countries are reluctant to give up cheap but polluting types of fuel such as coal. Even within the EU, some members now want to go slow on their original target of cutting carbon emissions by 20 percent by 2020.

But the mere act of gathering together for the 12th summit of the Asia-Europe Meeting can go a long way in fostering unity. Rivals India and Pakistan are attending, and so are warring Cambodia and Thailand. A united front will also be a boon in addressing the most pressing problem that has shot up to the top of the ASEM agenda: the financial crisis. A coordinated response between two regions that account for 60 percent of global production can prevent worst-case scenarios and speed up recovery.