7th ASEM Finance Ministers' Meeting (ASEM FinMM7)

The 7th ASEM Finance Ministers' Meeting (ASEM FinMM7) was held in Vienna, Austria on 8-9 April, 2006. It was attended by the Finance Ministers from the ASEM Member Countries and the European Commission. High level officials of the Asian Development Bank, the International Monetary Fund, the World Bank and the European Central Bank attended as guests.

Austrian Chancellor Wolfgang SCHÜSSEL opened the meeting and emphasised the important role of the ASEM process as a platform for the dialogue and cooperation between Asia and Europe. He recognised the important contribution of Finance Ministers in this regard. He stressed the important role the Finance Ministers' Meeting had for the upcoming Summit in Finland.

Finance Ministers exchanged opinions on the global economic situation, with special emphasis on the effect of high and volatile oil prices on the ASEM economies. A topical discussion was held on the effects of a possible further outbreak, human contagion and spreading of avian flu. Ministers also welcomed the progress on AML and combating terrorism financing (CTF) since the last discussion of this issue in Bali 2003.