2. Wide delegates attending the Asian Parliamentary Assembly
3. Medium of Indonesian president Susilo Bambang Yudhoyono sitting
4. Medium of delegates
5. Yudhoyono striking a gong
6. Wide of delegates
7. SOUNDBITE: (English) Susilo Bambang Yudhoyono, Indonesian president
"What we need is a better, more effective regulation. We must also strike a prudent balance between regulation for transparency and the market's need for freedom to be creative. And in the process we must foster effective global institutions to regulate a reformed international financial architecture. In these institutions, the developing world, especially the emerging economies of Asia, should have a greater say in the policy-making process."
8. Medium of Yudhoyono at podium
9. SOUNDBITE: (English) Susilo Bambang Yudhoyono, Indonesian president
"For Asia to be part of the solution means to exercise our responsibility as stakeholders in the international system. We must be able to come up with practical answers to complex problems. We must be able to work with others in the spirit of win-win solution. We must have foresight, and the courage to do what is necessary."
Indonesian president Susilo Bambang Yudhoyono said on Thursday that Asian countries should have a greater say in policy-making in global financial institutions.
Bambang was addressing the Asian Parliamentary Assembly, a gathering of Asian legislators, who were meeting in Jakarta.
He said it was "better, more effective regulation" of financial markets was needed, but "we must also strike a prudent balance between regulation for transparency and the market's need for freedom to be creative."
About 300 members of parliaments from various Asian countries were gathered in the Indonesian capital for a four-day conference focusing on Asia's role in a new reformed global financial architecture.
In his opening remarks, he also urged Asian countries to be part of the solution to the economic crisis by exercising their responsibility and showing the courage to do what is necessary.
The conference will end on Saturday, when a Jakarta declaration is expected to be issued to call for a greater role for Asia in the global financial system.