Doc. 8014
10 February 1998

Implications for Europe and the world of the financial crisis in South-East Asia

Motion for a resolution

presented by Mr Elo and others

This motion has not been discussed in the Assembly and commits only the members who have signed it

1.        The financial crisis which is at present causing considerable damage to the economies of several countries in South-East Asia also presents a threat to an increasingly globalised world economy, including that of Europe. It has as its roots not only imprudent lending and investment but, even more fundamentally, the lack of democracy in the countries concerned - with a resulting absence of transparency in public affairs, of free and open debate, and of an appropriate legal and institutional framework. The message of the Council of Europe - democracy, human rights and the rule of law - therefore takes on a meaning going beyond the dignity of man to include also the prospect for lasting economic and social development, adding urgency to the need to defend these values in Europe and beyond;

2.        The Assembly, with this in mind, should closely monitor the evolution of the financial crisis in South-East Asia in close cooperation with the competent international organisations, examine its causes and ways to prevent it from growing and spreading to other regions, and draw lessons from it for the future, for the benefit of national legislations and international action.

Signed (see overleaf)

Signed : ¹

Elo, Finland, SOC

Billing, Sweden, EDG

Calner, Sweden, SOC

de Puig, Spain, SOC

Hadjidemetriou, Cyprus, SOC

Hegyi, Hungary, SOC

Korkeaoja, Finland, LDR

Laakso, Finland, UEL

Nestor, Estonia, SOC

Tiuri, Finland, EDG

Varela, Spain, LDR

Verspaget, Netherlands, SOC

Zingeris, Lithuania, EDG