Brasilia: A meeting of Group of Twenty, or G-20, finance ministers and central bank chiefs in Brazil this weekend will give emerging economies a chance to discuss the need for global financial regulation while preserving free-market principles, analysts say.
The Sao Paulo gathering will bring together officials from the Group of Seven, or G-7, industrialized nations with the key emerging markets of China, India, Brazil and Russia, as well as other significant economies. It is seen as a precursor to a 15 November summit in Washington of G-20 heads of state and government hastily called by US President George W Bush to address the international financial crisis.
Europe is hoping the summit will result in what French President Nicolas Sarkozy called “concrete” reforms tending to greater government oversight.
But the US is resisting regulations that would crimp its model of free-market capitalism.