World Leaders Meet in Washington on Financial Crisis

Financial experts say the leaders are likely to agree on coordinated increases in government spending to sustain purchasing power. The Chinese have already announced such a package and similar programs are in the works in North America and Western Europe. The countries participating in the one day Washington summit account for over 75 percent of global output.

But experts say beyond the need to stimulate a weakening global economy, the leaders do not hold unified positions on other economic and financial matters. They said the troubled financial market world-wide is waiting for an answer from the summit leaders, such as: Should there be stronger cross-border regulation of financial institutions? What formula should be used to boost the voting power of fast-growing economies like China and India in the International Monetary Fund? And should this group of 20 countries take the place of the informal grouping of sevenmajor industrial nations,plus Russia that have long held annual economic summits ?


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