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World leaders to meet on economy next month

(Xinhua)
Updated: 2008-10-23 00:03

WASHINGTON -- Leaders from a group of 20 developed and developing countries will meet on November 15 in Washington to discuss financial markets and the global economy, the White House announced Wednesday.

That will be the first in a series of summits to mitigate what economists predict could be a long and deep downturn, a senior Bush administration official was quoted as saying by reports.

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"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," said the White House's press secretary Dana Perino in a statement.

These principles can be further developed by working groups for consideration in subsequent summits, she added.

In addition, "we expect that the leaders will discuss the effects of the crisis on emerging economies and developing nations," Perino said.

"The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization," she said.

The so-called G-20 includes the Group of Seven (G-7) advanced industrial countries and the European Union as well as China, Brazil, India, Russia, South Korea and other major economies. The G-7 is composed of the United States, Japan, Britain, Germany, France Italy and Canada.

The managing director of the International Monetary Fund, the president of the World Bank, the United Nations secretary-general, and the chairman of the Financial Stability Forum have also been invited to participate the November summit, according to Perino.