Leaders Gathering for Financial Crisis Summit
World leaders are arriving in Washington on Friday for a two-day emergency meeting to discuss ways to turn around the global financial crisis.
The meeting, which was called by U.S. President George W. Bush, will look for ways to reform financial markets.
The G20 represents about 85 per cent of the world’s economy and two-thirds of its population.
The G20 includes Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United States and the European Union.
Leaders at the summit, which will also include officials from the World Bank and the International Monetary Fund, are expected to discuss the underlying causes of the global financial crisis and review the progress that has been made by various nations.
But with so many diverse interest and economies at play, some analysts were suggesting ahead of the meetings that it is unlikely agreement will be reached over whether more regulation of markets can protect consumers, savers and companies from the fallout of such the financial crisis.
Prime Minister Stephen Harper, who is cutting short his attendance at the Conservative convention in Winnipeg to attend the meeting, said Thursday he wants to see the leaders of the G20 countries put forward regulations that ensure the global financial crisis never happens again.
U.S. wants freer market
Meanwhile, Bush said the U.S. will emphasize the need for a free-market system, continued investment and increased trade.
“While reforms in the financial sector are essential, the long-term solution to today’s problems is sustained economic growth, and the surest path to that growth is free markets and free people,” Bush said in New York on Thursday.
But some European countries are arguing that without more regulation, a repeat of the financial turmoil in the future will be inevitable.
British Prime Minister Gordon Brown has called for more co-ordinated measures to spur economic growth.
“By acting now we can stimulate growth in all our economies. The cost of inaction will be far greater than the cost of any action,” he told reporters in New York on Thursday.
European Commission President Jose Manual Barroso said he also hoped to draw more emerging economies into global financial institutions such as the International Monetary Fund…
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