'G20 economic crisis talks will yield 'concrete results'

---

WASHINGTON, Nov 13 (AFP): The White House said yesterday that it expected US-hosted global economic crisis talks this week to yield "some quite concrete results," launching the first in a series of summits on the meltdown.
But the impact of the gathering Friday and Saturday was clouded by US President George W Bush's much-reduced clout with world leaders already looking to US president-elect Barack Obama's January 20 inauguration.
"We are expecting an important and vigorous discussion with some quite concrete results, but as I said this is the first in a series," Dan Price, Bush's adviser on international economic affairs, told reporters.
"We expect a very thorough discussion, as I said, of causes, of near-term actions to be taken, longer-term actions to be considered and importantly, agreement on fundamental principles for reform," Price told reporters.
A second summit could come "sometime during the first quarter of 2009," he said, which could mean after Obama, whose economic policies differ sharply in many respects from Bush's, takes office.
Price said he was "consulting very closely" with Obama aides and will continue to hold those briefings up and through and after the summit" in order to ensure a smooth transfer of power.
Leaders of the Group of Twenty (G20) major rich and developing countries converge on Washington for discussions Friday and Saturday on ways to respond to the global economic meltdown and reforms to prevent another such crisis.
Bush will open the talks on Friday at a formal dinner at the White House for heads of state and government seeking to avert future economic meltdowns like the ongoing crisis, which has roots in the US housing market.
The leaders then meet most of Saturday at the National Building Museum in what US officials, under pressure to detail concrete goals, have emphasised is but the first in a series of international summits to address the meltdown.
Any changes to the international financial order "will only be successful if they are also based on a common commitment to free-market principles, including open and competitive economies, expanded trade, and increased investment in capital flows," Price said, warning against any protectionist impulses.
Meanwhile, the big emerging countries that are now the main pillars of world economic growth are looking to push their way into seats next to the rich nations' club at the G20 summit in Washington Saturday.
Brazil, Russia, India and China-the so-called BRIC countries-are determined to have their new heavyweight status recognised by the Group of Seven (G7) advanced countries, and win a say in directing the planet's economic affairs.
Their newfound influence, particularly that of China, was felt last weekend when Beijing sent stockmarkets spinning upwards after announcing a 586-billion-dollar stimulus package.
Brazil and India, which have become the public lobbyists on behalf of the emerging markets, want a new financial architecture to emerge from the crisis, calling the current constitution of the G7, the IMF and the World Bank outdated.
Indian Prime Minister Manmohan Singh has said reform of the financial system is needed, and countries should acknowledge the "economically damaging role of excessive speculative activity."
Argentine President Cristina Kirchner is also expected to ask the IMF to compensate for the drying up of liquidity worldwide by giving credits to emerging nations without preconditions, an official said.