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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Re-born G20 lays out bold financial reforms AFP - Saturday, September 26 Send IM Story Print Re-born G20 lays out bold financial reforms Slideshow: Full Photo Coverage: Business & Economy PITTSBURGH, Pennsylvania (AFP) - – Having relaunched the Group of 20 as the world's top economic forum, leaders laid out Friday bold plans to supervise global finance as growth returns after last year's meltdown. At a meeting overshadowed by an announcement from host US President Barack Obama, British Prime Minister Gordon Brown and France's Nicolas Sarkozy that Iran had revealed a second nuclear enrichment plant, leaders closed in on a deal to reshape economic governance. The draft text of a document to be agreed by leaders of the G20 developed and developing nations later Friday envisions greater power for the emerging economies and joined-up thinking on financial regulation. "We recognize that the process to ensure more balanced global growth must be undertaken in an orderly manner. All G20 members agree to address the respective weaknesses of their economies," the draft agreement read. This entailed redressing the present trade and budget imbalances, a sticking point before the summit between big exporters like Germany and China and major debtors like the United States. A final statement was not expected till later Friday but a draft confirmed there would be tough new guidelines on banker bonuses and executive pay -- highly symbolic issues for taxpayers. Leaders would advise "limiting bonuses to a percentage of total net revenues when it is inconsistent with maintenance of a sound capital base," a G20 source said, quoting from the draft. In a belated acceptance of a long-time shift in the balance of world power, the White House announced the G20 would become the top economic forum, spreading influence to emerging powers such as China and India. "Today, leaders endorsed the G20 as the premier forum for their international economic cooperation," a statement said. "This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest." The G8 -- wealthy nations Britain, Canada, France, Germany, Italy, Japan, Russia, and the United States -- has served in various forms as the premier economic forum since 1975 and held closely watched annual summits. Facts: G20 participants "There is a new global compact," said Andrew Cooper, a regular watcher of global summits and associate director of the Centre for International Governance Innovation in Waterloo, Canada. Group of 20 leaders were also to expand the role of the International Monetary Fund (IMF) to provide greater oversight of their economic policies, the draft statement said. "We ask the IMF to assist our finance ministers and central bank governors in this process of mutual assessment by developing a forward-looking analysis of whether policies pursued by individual G20 countries are collectively consistent with more sustainable and balanced trajectories for the global economy," it said. British Prime Minister Gordon Brown said leaders would agree it was too early for so-called "exit strategies" for the trillions of dollars in stimulus thrown in to support key sectors of the global economy. "We will also agree it's absolutely essential as we move to prepare a growth plan where every member of the G20 contributes to how we can meet common and shared objectives." In another possible boon for the emerging world, a Chinese central bank official predicted a move on IMF voting rights, but this was not confirmed by excerpts of the draft statement seen by AFP. "We believe that at tomorrow's summit a very important political decision will be made on this matter," Xie Duo had said late Thursday, on the sidelines of the summit. World leaders have pledged to work for comprehensive IMF reform and there is a long-term consensus on the need to address imbalances in voting power, but some European nations have balked at losing their influence. For Brazil, China, India and other emerging countries, it is crucial to achieve a breakthrough in negotiations in Pittsburgh so the IMF can endorse the reform at its annual meeting on October 6 to 7 in Istanbul. Obama's first major summit as host was marred by violence on the first day and overnight as anti-capitalist protesters clashed with police leading to 66 arrests, according to the authorities. Riot officers fired pepper spray and non-lethal rounds Thursday after a 1,000-strong crowd, led by black-clad hardliners wearing goggles, helmets and masks marched towards the conference venue. Sixty-six people were arrested. Obama and First Lady Michelle Obama had opened the two-day summit with a gala dinner in Pittsburgh -- chosen as host city to showcase its stunning economic transformation from down-at-heel steel town to high-tech hub. The gathering of the world's 19 biggest developed and emerging economies plus the European Union comes just over a year after a US credit collapse triggered a global economic slowdown. It also comes six months after the same G20 chiefs met in London to coordinate their response to the crisis. Summit delegates have all pledged to take tough and lasting measures to bring order back to the markets, shore up failing institutions, save jobs and rekindle growth. 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