G-20 members meet to discuss global crisis

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Sao Paulo (Brazil), Nov 9: A two-day annual meeting was held by the Finance Ministers and Central Bank governors from the Group of 20 (G-20) on Saturday, Nov 8 regarding global economic crisis. The G-20 is an informal arena to facilitate dialogue between major industrial and emerging-market countries, began their annual meeting in Sao Paulo on Saturday to seek ways to deal with the global financial crisis. G-20 is expected to discuss the current global financial situation, says International Affairs Secretary of the Brazilian Finance Ministry, Marcos Galvao.

Discussions on the cause of the crisis, the worst since the 1930s, and its impact on commodity prices, inflation and exchange rates were also on the agenda, he adds. Addressing the gathering, Brazilian President Luiz Inacio Lula da Silva called for a 'new world financial architecture' in the wake of the current financial crisis.

The Brazilian Government had earlier said that it would propose greater participation of developing countries in restructuring the global financial system. Any progress made at the event will be presented to the first G20 leaders' summit scheduled for November 15 in Washington DC.

The G-20 was founded in 1999 as an informal arena to facilitate dialogue between major industrial and emerging-market countries. It accounts for 85 per cent of the world's economy and about two-thirds of the world's population.

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