国际英语新闻：News Analysis: Meeting Asia, Europe looks east

The rise of developing countries in Asia calls for a revamp of the global structure of economic governance, which has been dominated by rich countries, including European countries.

Moving towards more effective global financial and economic governance has been identified as one of the top priorities for European and Asian leaders. A separate declaration entitled "Towards more effective global economic governance" was expected to be adopted at the end of the summit, the EU said.

The financial and economic crisis lends new momentum to the reform of global economic governance. Using G20 as a major platform, world leaders have agreed on more say and representation for emerging and developing economies in international institutions, such as the International Monetary Fund (IMF).

On the eve of the ASEM summit, EU finance ministers said on Friday the EU was ready to cede two of its seats on the IMF board to under-represented emerging markets and to push for the completion of IMF quota reform this year.

But the EU's concession was criticized by analysts as insufficient.

Europeans currently have a third of the 24 seats on the IMF board of executive directors.

Besides economic governance, European and Asian leaders will also address sustainable development, the other key economic issue, at their two-day summit. They are expected to issue a joint call for a "binding" climate change deal, according to a draft document to be adopted.