World leaders have gathered in the U.S. capital for an economic summit, in hopes of alleviating a global financial crisis. U.S. President George Bush is hosting visiting leaders from 20 different economies at the White House late Friday, with formal talks set to begin on Saturday.
Mr. Bush says reforming the financial system is essential, but he warns that too much government intervention could hurt the free-market system. Ahead of talks, Canadian Prime Minister Stephen Harper argued against global regulation, saying measures aimed at solving the financial crisis should not infringe on national sovereignty.
Meanwhile, U.S. President-elect Barack Obama and Vice President Joe Biden announced a former U.S. secretary of state, Madeline Albright and a Republican congressman Jim Leach will meet with delegations at the G20 (Group of 20) summit on their behalf.In related news, the European Union on Friday said 15 nations that use the euro as their currency are officially in a recession.