G20 opens door to smaller economies in crisis talks

A Sao Paulo meeting of key finance officials opened the door slightly Sunday to broadening the club of global economic leadership in an effort to battle a deepening financial crisis.
The finance ministers and central bank governors of the Group of 20 set up the agenda for an emergency summit of its leaders next Saturday in Washington that seeks more participation beyond the wealthiest nations.
The G20, representing the biggest developed and emerging nations, pledged "all necessary steps" to boost sagging market confidence and to give a bigger voice to developing countries in global economic affairs.
Although no specific proposals emerged, the G20 said in a statement, "We agreed that we must draw policy lessons from the current crisis and take all necessary steps to restore market confidence and stability and to minimize the risk of a future crisis."
The statement said "the global crisis requires global solutions and common set of principles," and added that "we stand ready to urgently take forward work and actions agreed by our leaders."
John Kirton, director of the G20 Research Group at the University of Toronto, said the G20 "substantially delivered" on its promise to play a role in battling the global economic maelstrom.