The main topic centering this year’s ASEM is the global financial turmoil. Emerging from the United States sub-prime mortgage crisis, the rest of the world has been deeply impacted. This meeting is an attempt for all member states to unite together and map out a strategic path towards greater cooperation with each other to develop and foster a stable region in both Europe and Asia. The hope is that a consensus can be reached by the member states on a policy which will promote economic security and development. Economic security is imperative for a stable state and the recent crisis has lead to growing global fears on state stability. Iceland was the first sovereign state to fall and there are fears other could follow suit. Just as the 2nd ASEM in London was able to create a Euro-Asian trust-fund to deal with and bring stability during the 1997 Asian financial crisis, it is the hope that the 7th ASEM will reach a solution as well.

All member states have been much more interconnected since the creation of the ASEM. It has allowed for deep state rivalries to put aside differences and work together to achieve financial and economic security which in turn can bring about peace. For example, India and Pakistan will be meeting together at the 7th ASEM. They are bitter state rivals and recent events in regards to United States nuclear aid to India as well as India’s first space launch have heightened tensions between the two states. However, at this forum, India and Pakistan will be working together along with 45 other states to bring about stability globally and peace with each other.

China has already started economic policies which will help the ASEM. The government has stated it will not depreciate the renminbi, the currency of China. This will help all other member states whose exports to China will be more competitive since the Chinese purchasing power will not deflate.

Another consequence from the ASEM is a growing coordination between Asian states. These states meet before the meeting to discuss and agree together on a united Asian policy. This has helped create a growing connectedness between Asian states as they begin to act as one voice, similar to the European Union. The ASEM is becoming a great international function in which many different states, cultures, rivals, and nations can come together and discuss openly policies which will in turn be beneficial and win-win for all involved. This will help foster peace and bring the member states even more closely connected.