UN summit to discuss financial reform

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Play VideoUN to hold high-level meeting on financial crisis

A high-level gathering at the United Nations is set to begin with talks focusing on key aspects of the global financial crisis and its effects on the developing world. Representatives from rich and poor nations have already reached a consensus on proposals to reform the global financial system, which will be discussed at this meeting.

The UN is holding a 3-day conference to assess the worst global economic downturn since the Great Depression. A revised draft document has been completed, and will be discussed at a General Assembly meeting on Wednesday.

The president of the UN General Assembly hopes the conference will live up to the gravity of the global crisis. He's described the negotiations on the 15-page proposal as a "long ordeal."

Miguel d'escoto, UN General Assembly President, says, "the only thing that remains, but that can only take place once the conference has begun, is the approval of the document by the General Committee."

The gathering is also to build a platform for developing nations to speak out their minds on the global crisis, and to have their voices heard by the world.

The run-up to the conference has highlighted differences between rich and poor countries. Developing nations want to be given much more say in tackling the financial crisis, while major powers want to keep control in their own hands.