Finance ministers from the world's leading industrialized nations and
large developing economies say they have agreed urgent action is needed
to restore stability in financial markets, but no specific plans were
Ministers from the so-called Group of 20 (G-20) say they agreed at a meeting in Brazil on Sunday to take "all necessary steps" to restore confidence in global markets and minimize the risk of a future crisis.
In a statement at the end of a two-day summit in Sao Paulo, the group
blamed the financial crisis on excessive risk taking and faulty risk
management practices. It said world leaders must design measures to
restore financial growth and minimize the impact of the crisis on
emerging and low-income countries.
The statement did not include a specific action plan.
The meeting comes ahead of a summit of the leaders of the G-20 countries next week in Washington.
The United States says there is some agreement ahead of the November 15th summit.
White House spokeswoman Dana Perino on Saturday says the
U.S. shares "common ground" with European Union leaders on some of the
ways to resolve the financial turmoil, but did not give any specifics.
The outgoing administration of U.S. President George Bush has been
resisting calls for comprehensive, binding decisions at the summit.
Developing nations are demanding a more prominent role in a proposed overhaul of the global financial system.
Such nations -- including Brazil, Russia, India and China, the
so-called "BRIC" countries -- have long complained they do not have
fair representation within the International Monetary Fund or the World