The top 20 developed and fast growing economic nations, known as G-20 nations, have begun formal talks to redeem the world from the global meltdown and its consequences through tightening market regulation to curb financial market excesses.
U.S. President Barack Obama and British Prime Minister Gordon Brown, the host of the summit in London’s Docklands district, have expressed optimism that differences among the Group of 20 can be overcome.
However, France and Germany have warned that they will not agree to false compromises that soft-pedal the need for tougher financial regulation to curb the excesses of financial markets that caused the current crisis.
Obama, who is under pressure to make a good showing in his first major appearance on the international stage, has urged other G-20 leaders to support an agreement, saying “We can only meet this challenge together.”
Prime Minister Manmohan Singh is attending the G-20 Meeting.