G20 looks to expand emerging nations’ role in global economy
World finance chiefs aimed to forge a consensus Sunday on boosting the role of emerging nations and crafting a new system to help a struggling global economy.
The Group of 20 gathering of finance ministers and central bank governors wrap up a meeting in Sao Paulo that seeks to lay the groundwork for next week's Washington summit on the deepening economic crisis.
World Bank President Robert Zoellick, who is part of the discussions, said a new financial architecture will take time but that all countries see the need for a coordinated response to the economic troubles.
"All of us know it's a meeting at a time of historic challenge," Zoellick said.
"The food and fuel crises of the recent years have now been supplemented by the blow of a financial crisis. Virtually no country has escaped ... All countries are moving into a danger zone."
Zoellick, who last month said that the Group of Seven was "not working" in fixing the economy but that a G20 system was "too unwieldy" indicated Saturday that a new system will take time to evolve but was inevitable.
"These global challenges require global solutions," he said.
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