US to host G20 finance meeting next month
G20 group will meet in Washington to discuss global financial crisis
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Wednesday, 22, Oct 2008 06:57
The G20 group of world leaders will meet in Washington DC next month to discuss the global financial crisis, the White House has announced.
With declines noted on markets across the globe, leaders of the world's rich and emerging nations will gather in the US capital on November 15th in a bid to shore up the world's financial systems.
The announcement of the meeting comes after French president Nicolas Sarkozy urged US leader George Bush to convene an emergency summit to discuss the ongoing economic unrest.
"The president today is going to invite the leaders of a group of 20 countries... to discuss the financial markets and the global economy," White House spokeswoman Dana Perino told reporters at a press briefing on Wednesday
"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."
The White House announcement came after British prime minister Gordon Brown admitted the UK could not insulate itself from the "global financial recession".
"Having taken action on the banking system, we must now take action on the global financial recession, which is likely to cause recession in... Britain, too," he said during prime minister's questions.
The prime minister's comments came after the governor of the Bank of England, Mervin King, said the financial crisis was "deeper seated" than initially feared.
Ms Perino said that president Bush would tell the G20 meeting of the importance of liberalising trade "so that we can get every country back on the path to prosperity".