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G20 to replace G8 as top global economic forum

G20 to replace G8 as top global economic forum
27 Sep
E-Media:
PITTSBURGH - The Group of 20 is set to become the forum for management of the world economy, granting more of a say to emerging powers such as China and India, a draft communique issued from a G20 summit says.
The draft document, which was released on Friday as G20 leaders continued their meeting in the US city of Pittsburgh, says that tougher regulation of the banking sector will also be in place by 2012.
According to "Al-Eqtisadiah" newspaper, US President Barack Obama said the G20 leaders agreed on concrete steps to prevent another financial meltdown like the current one that has pushed millions of people into unemployment and cost trillions of dollars in lost wealth.
Group of 20 leaders should agree at their summit on the size of an increase in voting power for emerging nations in the International Monetary Fund or the urgency over the issue may be lost, the head of a key IMF panel.
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