CRI听力：Upcoming Group of 20 Summit to Address Global Financial Crisis

The G20 summit in Washington will be the first in a series of summits to mitigate what economists predict could be a long and deep downturn.

Washington think tanks say they expect the leaders to agree on common principles for reform to guide future work and avoid crises. Our Washington correspondent Shan Shan has the story.

Reporter:
The summit will bring together world leaders from the Group of 20 developed and developing countries to deal with the global financial crisis.

Patricia Haslach, the U.S. senior official for Asia-Pacific Economic Cooperation, says the meeting has many agendas on its tight schedule.

"The President's goals for this first meeting would be first to review actions thus far to address the present crisis. The second would be to come to a common understanding of the root causes of the crisis. Third, agree on common principles for reform to guide future work and avoid future crises."

Charles Dallara is the managing director of the Institute of International Finance, a global association of financial institutions with its headquarters in Washington.

He says it's unrealistic to expect the summit to yield decisions on new policy or regulation, but a commitment of coordination from world leaders is very welcome.

"It's quite extraordinary for heads of state to come together on such a short notice. It's an important symbol of heads of state concern about the state of the global economy. I think the first thing we would hope would come out of it would be a clear message of their commitment to coordinate economic, financial and monetary policies."

Charles Dallara says to fight against the global financial crisis calls for full representation of emerging market economies.

"I would stress the need for a global framework which gives greater voice and representation to emerging market economies. We cannot effectively manage the global economy if we do not have the right players around the table. Measures such as those announced by China are welcome steps acknowledging the need for f stimulus in key economies and not just the need, a fiscal strength to stimulate their domestic demand in order to support the continued Chinese and global economic growth during this crucial period." (Www.hxen.net)

Charles Dallara points out that the failure in regulating the financial sector has been a major cause leading to the crisis. Therefore, his institute suggests the establishment of a Global Financial Regulatory Coordinating Council.

In addition, Charles Dallara says it's imperative that the International Monetary Fund and the World Bank carry out fundamental governance reform to ensure meaningful voice and proportional representation of member countries.

Experts are looking forward to a strong message coming out of the G20 Summit to help boost the confidence of the world economy.

SS, CRI news, Washington.