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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Top Stories Full Coverage Most Popular Photos Search Search: Finance chiefs eye first steps in revamping global system AFP - Sunday, November 9 SAO PAULO (AFP) - - Looking to take the first steps towards revamping a global financial system ravaged by crisis, leaders from the main industrialized and emerging economies gather Saturday seeking common ground. Yet the talks involving the Group of 20 leading nations faced a host of challenges to find unity from diverse perspectives of the United States, European Union and the main emerging nations. European leaders have said they hope the Sao Paulo meeting will lay the groundwork for the start of key reforms to be put in motion starting with a November 15 summit in Washington of G20 leaders. The United States, in transition ahead of the inauguration of President-elect Barack Obama , has played down expectations for any major new initiatives in a crisis that began with a meltdown in the US real estate market and quickly spread to the banking system, becoming a credit crisis crippling the global economy. The emerging nations meanwhile are arguing the crisis shows a need for wider participation in the management of the global economy beyond the Group of Seven wealthy nations. The top emerging economies -- Brazil, Russia, India and China -- want "a reorganization of the world financial system," Brazilian Economy Minister Guido Mantega told reporters Friday. The G7 is no longer sufficient to address global crises such as the one rippling around the world and the G20 should be strengthened, Mantega said after a meeting with his counterparts from the other so-called BRIC countries. Mantega, summarizing his discussions with the finance ministers from Russia, India and China, said "we have come to the conclusion that there must be a reformulation, a reorganization of the world financial system." Specifically, he said, the system put in place by the 1944 Bretton Woods agreement was outdated and needed to be changed to take into account the greater economic importance of emerging nations. The G7 -- Britain, Canada, France, Germany, Italy, Japan, the United States -- "is not sufficient," he said. The emerging nations want to see the G20 -- which includes the G7 and the BRIC countries plus other significant economies such as Australia, Indonesia and Turkey -- reinforced and elevated to a heads-of-state and heads-of-government level, above the finance ministerial status it currently has. A joint statement by the BRIC finance ministers said they would "continue to take all necessary steps to lessen the impact of the recent turmoil on economic activity, aiming to preserve medium and long-term growth." They stressed "there is an urgent need to find mechanisms... to restore the real economy's access to credit, stimulate demand and to resume capital flows." The BRIC ministers also put the blame for the current crisis with the world's most advanced economies, noting that it began in the United States and quickly spread to Europe. Sergio Jellinek, a World Bank spokesman for Latin America, told AFP that the weekend talks in Sao Paulo one week ahead of a summit of world leaders "can contribute a sort of roadmap to orient actions to confront the global crisis." Jellinek added that the World Bank considers it important to have "better participation by emerging economies in any decisions." The official added: "Emerging nations are that that are producing growth during the current crisis. It is necessary that any global mechanisms reflect the world as it is today, not at the end of World War II." The Sao Paulo meeting, which will include the finance ministers and central bank governors from the United States, China, Japan and Europe, among others, is seen as a preparatory session for a hastily called G20 summit in Washington on November 15. The EU meanwhile put together its "wish list" for the summit, including tougher regulation of markets and a stronger role for the World Bank and International Monetary Fund. The United States, backed by Canada, is playing down expectations for the summit. Yet one US official speaking on condition of anonymity said the Washington summit may go beyond a statement of principles. "We think we may be able to agree ... on some actions that we can take in the near term," the official told reporters. Those might include steps to increase transparency, improve risk management, coordinate among regulating authorities, and even the adoption of more consistent and convergent rules, in the areas like accounting or capitalization, he said. The G20 includes the seven major industrialized nations -- Britain, Canada, France, Italy, Japan, Germany and the United States -- plus Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey. It also takes in the 27-nation European Union. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Tight security surrounds the hotel in Sao Paulo, Brazil where the G20 ministers and central bank governors are meeting. Looking to take the first steps towards revamping a global financial system ravaged by crisis, leaders from the main industrialized and emerging economies gather Saturday seeking common ground. Most Popular – Top Stories Viewed IMF sees recession in advanced economies in 2009 Among Obama's next challenges: his own security US doctors tell Liu Xiang he needs surgery Airline profits nosedive as leaders debate finance crisis Obama discusses global financial crisis with world leaders View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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