European Commission President Jose Manuel Barroso said Friday he expects the current crisis in financial markets to carry on for some time, threatening the outlook for the global economy.
Barroso's remarks came during a speech at the opening ceremony for the ASEM summit of European and Asian leaders in Beijing.
"Despite the decisive measures taken by the E.U., the U.S. and many advanced and emerging economies, financial market strains are bound to persist for quite some time," Barroso said in a prepared text provided to journalists.
"There are serious concerns for growth prospects worldwide," Barroso said.
The Commission president said leaders at the summit would need to discuss the impact of the financial crisis on the real economy, but that they should resist calls for "protectionism, isolation and economic nationalism."
He said the leaders would nevertheless need to discuss changes to the global financial system.
"Just as we should strive for open societies governed by the rule of law, so we must work to have open markets, but markets with rules," Barroso said.
The president was speaking after another day of sharp falls in Asian markets, with Japan's Nikkei index down 9.6% and Korea's Kospi falling 10.6%.