Leaders from the more than 40 members of the Asia Europe Meeting (ASEM) used the first day of the talks in
"Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems," the group said in a statement released late Friday.
"They agreed to take quickly appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institutions."
Leaders also called on the International Monetary Fund to "play a critical role" in helping countries most in trouble, should they ask for assistance.
The closed-door talks on Saturday at
Bilateral talks between various leaders on the sidelines of the summit were also expected to include issues including
There were few expectations that the two-yearly talks, which have in the past focused on sharing ideas rather than binding agreements, would result in any concrete action.
The summit is due to close at 3.30 pm (0730 GMT), followed by a press conference with Chinese Premier Wen Jiabao and French President Nicolas Sarkozy.
ASEM, which was set up in 1996 as a potential counter for Europe to strong US influence in Asia, brings together countries representing about 60 percent of global trade and 60 percent of the world's population.
Before the talks began on Friday,
The announcement of the Asian fund, which had been in the pipeline for months, was the first major coordinated action by Asian countries in tackling the global financial crisis since the worst of the turmoil began last month.
At the opening of the two-day gathering, Chinese Premier Wen Jiabao made it clear Asia had heard the repeated calls in recent days from
"Overcoming the crisis requires global action and a joint response," Wen told the leaders.
In his opening remarks to the summit, Sarkozy called on Asia to support Europe at a crucial economic meeting next month in the
Sarkozy, whose country currently holds the rotating presidency of the European Union, is seeking to overhaul the Bretton Woods system that has governed international finance since the end of World War II.
"When it comes to the
"Europe would like