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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Economic crisis to dominate opening of G8 summit Wed Jul 8, 2009 3:26am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Crispian Balmer ROME (Reuters) - Leaders from the Group of Eight major industrial nations will warn against complacency over economic recovery on Wednesday at a world summit that will also tackle trade, climate change and food security. Chinese President Hu Jintao pulled out of the meeting at the last minute because of unrest in northwestern China in which 156 people have been killed. His departure may complicate efforts to make progress toward a deal that would limit global warming. [n More than 30 world leaders will take part in some of the discussions spread over three days, in recognition of the shifting balance of global economic power. Italian Prime Minister Silvio Berlusconi, beset by sex scandals, is the summit host and will kick off proceedings at a lunch that will discuss the economic outlook and regulations. The summit takes place in the Italian city of L'Aquila which was wrecked by an earthquake earlier this year -- a fitting backdrop for discussions on the crumpled global economy that is struggling to overcome the worst recession in living memory. Policymakers will agree the world economy is still too weak to remove stimulus measures and will consider whether more work is needed to shore up banks, European officials said. Speaking on the eve of the summit, British Prime Minister Gordon Brown told Reuters the world had to wake up to the scale of the downturn and stay focused on restarting growth. "I am not complacent and remain vigilant about the financial state of the world," said Brown. The United States, Japan and France are likely to echo his caution, leaving Europe's largest economy, Germany, isolated if, as expected, it seeks a commitment from the G8 to pull swiftly out of costly economic support policies when recovery comes. G8 leaders badly underestimated the economic problems facing them when they met in Japan last year and Wednesday's talks will touch on what nations must do to prevent another such meltdown. However, officials said few major initiatives were expected to emerge, with the broader G20 forum, grouping rich industrial nations and major emerging economies, tasked with formulating a regulatory response to the crisis rather than the G8 nations. The G20 met in London in April and convenes again in September in the United States. "In reality (L'Aquila) is just an intermediary step," said a senior French official. CHINESE PRESIDENT LEAVES EARLY Hu had been expected to take advantage of the L'Aquila summit to tell other nations they should start considering a new global reserve currency as an alternative to the dollar. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Rio Tinto says China detains 4 staff Iran's presidential election Aftermath of Iran's election Up-to-the-minute news, photos and video of the aftermath of President Mahmoud Ahmadinejad's disputed election in Iran. Full Coverage More International News China's Hu skips G8 to deal with Xinjiang riots | Video Honduras' Zelaya says to meet coup backers on Thursday | Video Yet another new flu virus emerges in Canada Few rally for Anwar as Malaysia trial delayed Suspected U.S. drones attack Pakistani Taliban More International News... Related News FACTBOX: Diary of July 8 G8 summit in Italy 3:26am EDT G8 plus G5 agree to conclude Doha in 2010: draft 07 Jul 2009 U.S. wants G8 to pledge $15 billion on food security 07 Jul 2009 Papal message seeks "global authority" for economy 07 Jul 2009 G8 food security plan timely-World Bank's Zoellick 07 Jul 2009 Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video U.S. mortgage fraud 'rampant' and growing-FBI Michael Jackson hailed as greatest entertainer, best dad | Video Putin praises Bush hospitality during Obama visit New monkey discovered in Brazilian Amazon SCENARIOS: Tension in China's restive Xinjiang U.S. apartment vacancies near historic high: report Jackson hailed as greatest entertainer, best dad | Video China's Hu skips G8 to deal with Xinjiang riots | Video Yet another new flu virus emerges in Canada U.S. mortgage fraud "rampant" and growing: FBI Most Popular Articles RSS Feed Video Memorial fit for a king China unrest resumes China riots leave 140 dead Stocks slide on economy jitters Sights, sounds from Jackson memorial Jermaine sings for his brother NY Jackson fans gather for memorial Calm after China riots Memorial to Michael Jackson begins. Economy to take center stage at G8 Most Popular Videos RSS Feed We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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