LONDON. Apr 3: European Union governments promised on Thursday to help Asia out of its financial crisis as long as governments there agreed to keep their markets open and pursuade economic reforms, reports Reuter.

As leaders from the 15 EU members met leaders from 10 Asian nations, host country Britain pledged practical support to help Asia to recover from a year of economic turmoil.

Asia's problems are Europe's problems. "Trade and Industry Secretary Margaret Beckett told a business forum organised in parallel with the 25 nation Asian-European Meeting (ASEM).

The EU exports more than the United States to East Asia and Beckett said European firms needed to work closely with their Asian partners to

help them to adjust to changed economic times.

Previewing what was likely to be one of the main European messages at the three-day ASEM summit, she said Asia's response to its problems must be based on a commitment to open markets.

"What would do great damaged would be a return to protectionism as a means for dealing with current difficulties.

It is increasing transparency and openness that will guarantee long-term prosperity." she said.

EU ministers bridle at suggestions they have not done enough to tackle a crisis that forced Indonesia. Thailand and South Korea to resort to International Monetary Fund-led bailouts totaling more than 100 billion dollars.

EU ministers see the summit as a chance to claw back some

of the political lead that the United States has established in tackling the Asian crisis.

They want recognition that the EU provides more funds than the United States to the IMF and they plan to underscore their commitment to Asia by launching an ASEM trust fund at the World Bank.

The fund would provide grants to analyse the social and financial effects of the crisis and pave the way for World Bank loans.

While the EU is ready to contribute to rescue packages. Portuguese Foreign Minister Jaime Gama said it should demand political changes in Asia in return.

"If they (EU States) do not want to continue pouring money down the drain and want to take care of taxpayers "money... they need to make demands on those who receive it." he told Reuters in Lisbon.