Washington (AFP) - Leaders from the world's biggest economic powers gathered in Washington on Friday for a crisis summit to recast the global financial order as recession spreads to a growing number of countries.
US President George W. Bush will host more than 20 leaders from the world's richest nations and emerging economic powerhouses at a working dinner at the White House followed by formal talks on Saturday.
Though the US leader faces mounting calls from Europe, Russia and other emerging nations to increase financial market control, Bush's term ends on January 20 and he cannot make firm commitments for president-elect Barack Obama.
The summit, billed as a first in a series, comes amid growing evidence that the worst international financial crisis in generations is taking a heavy toll on economies around the world.
Highlighting the increasingly dire situation, EU data on Friday showed the 15 nations sharing the euro has slumped into the first official recession since the bloc was formed in 1999.
Despite growing pressure for international action in the face of a fast deteriorating global economic situation, European Commission chief Jose Manuel Barroso warned that the summit would not yield rapid solutions..,bigsack>>>> More
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