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World Leaders Work to End Economic Turmoil

  • VOA News

World leaders are meeting in Washington on Saturday to craft an action plan aimed at fixing the global economic crisis and problems that led to it.

U.S. President George Bush opened the summit with a White House dinner Friday, telling the leaders that billions of people around the world are counting on them to stabilize the financial system. Mr. Bush said a solution will require the international community to work together and warned the crisis will not be fixed overnight.

Formal talks at the G-20 (Group of 20) summit begin on Saturday and will include leaders from the world's major industrial nations and emerging economies.

The summit is expected to yield a modest action plan to be implemented over the next several months.

There is disagreement on how best to stabilize the financial system. World leaders are expected wrangle over whether financial institutions need greater oversight or increased regulations.

Mr. Bush has warned that too much regulation may threatened the free market system.

European leaders, including British Prime Minister Gordon Brown, favor tighter regulations.

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