Bush to Hold Global Financial Summit on Nov. 15

President Bush will host a summit on Nov. 15 in the Washington, D.C., area to discuss the global financial crisis and ways to prevent it from happening again, the White House announced
Wednesday.

German Chancellor Angela Merkel with President of the Russian Republic Vladimir Putin and U.S. President George Bush

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors,'' said White House spokeswoman Dana Perino.

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

Bush plans to invite members of the G20 which includes the Group of Seven major industrial economies plus key emerging-market countries like China, India and Brazil.

Perino also said that the administration will seek input from whomever wins the U.S. presidential election which will take place 11 days before the summit.

Here is the text of the announcement from White House spokeswoman Dana Perino:

"Today, the President is inviting the leaders of the Group of 20 countries to a summit in the Washington, D.C. area, on November 15 to discuss financial markets and the global economy. The G-20 finance process, which includes key developed  and emerging market countries, was established in 1999, after the last financial crisis with worldwide implications.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and
institutional regimes for the world's financial sectors.

These principles can be further developed by working groups for consideration in subsequent summits.

"In addition, we expect that the leaders will discuss the effects of the crisis on emerging economies and developing nations. The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization.

"G-20 members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

"The Managing Director of the International Monetary Fund, the President of the World Bank, the United Nations Secretary-General, and the Chairman of the Financial Stability Forum have also been invited to participate."

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