Global Financial Summit Fixed for 15 November

US President George Bush has offered to host the world's first global financial summit. It will be held in Washington on 15 November. The meeting will be attended by the leaders of the “Group of 20” (G20), which are the world’s leading industrialised countries and include the “G7” and China, India and Brazil.

The meeting, which will the first in a series of meetings, will discuss the current crisis, examine the features of it, consider what progress is currently being made, and attempt to devise a series of measures to avoid its recurrence. Later summits in the series will focus on working out the details of the reforms needed. Other G20 meetings are due to be held in the UK in 2009.

The Head of the International Monetary Fund, the president of the World Bank, the United Nations secretary general and the chairman of the Financial Stability Forum will also be invited to attend.

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