23 Oct 2008

World finance summit to be held in November

6:10 am on 23 October 2008

A global financial summit is to be held in the United States on 15 November.

The meeting - the first in a series - will discuss the financial crisis and ways to prevent it recurring.

President George Bush will host the event in Washington DC. Leaders from the G20 group of nations - which includes the G7 group of major industrial economies and major developing nations - will attend.

The winner of the US presidential election will also attend.

The White House says the summit will consider the reforms needed to avoid another financial crisis and look at the progress being made so far.

Later summits will focus on working out the details of the reforms needed.

Some European leaders had pushed for a summit before the end of the year, and French President Nicolas Sarkozy had said it should take place in New York.

The heads of the International Monetary Fund and the World Bank, the United Nations secretary general and the chairman of the Financial Stability Forum have also been invited to participate.