G20 summit aims to change financial order

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Source: CCTV.com | 03-28-2009 14:10

Leaders from established and emerging economies will meet in London on April second for the G20 summit.

They are under pressure to restore confidence and find a path to recovery from the world's worst financial crisis since the 1930s.

IMF chief Dominique Strauss-Kahn delivers his speech in Paris Friday March 27, 2009 ahead of next week's G20  meeting in London.(AP Photo/Jacques Brinon)

Some economists say the old financial system has collapsed and a new order will be established.

The G20 countries will seek agreement on what fiscal and monetary measures are needed to restore growth, what regulatory changes are needed to the financial system and how to reform international organizations, such as the International Monetary Fund.

IMF Managing Director, Dominique Strauss-Kahn, says he hopes to see new international regulations that could help avoid a future crisis.

Dominique Strauss-Kahn, IMF Managing Director, said, "If on top of that we are able to make big step forward in terms of regulation, which means something which will help to avoid the next crisis, and maybe also to help for this one."

So far, G20 leaders have been keen to show as much of a united front as possible.

British Prime Minister Gordon Brown will host the G20 summit. He has been globe-trotting in recent weeks in an effort to achieve an agreement, which will lay the foundation for a new global economic order.

Editor:Zhang Pengfei