G20 vows action on crisis, bigger voice for smaller economies

---

SAO PAULO, Nov 10 (AFP): Major wealthy and emerging nations pledged yesterday "all necessary steps" to boost sagging market confidence and to give a bigger voice to developing countries in global economic affairs.
The finance ministers and central bank governors of the Group of Twenty (G20) meeting in Sao Paulo said there was consensus for major reforms of a global international financial system ravaged by a credit crisis.
Although no specific proposals emerged, the G20, which includes the seven leading economies and key developing ones, said in a statement: "We agreed that we must draw policy lessons from the current crisis and take all necessary steps to restore market confidence and stability and to minimise the risk of a future crisis."
The statement said officials at the meeting noted "that the global crisis requires global solutions and common set of principles," and added that "we stand ready to urgently take forward work and actions agreed by our leaders."
The G20 communique and statements from officials indicated a general agreement on broad principles among the ministers, noting that more detailed proposals would come from the November 15 summit of G20 heads of state and government hosted by US President George W Bush.
Brazilian Finance Minister Guido Mantega said that at next week's Washington summit "we'll have the political power" of the heads of state and government "to proceed with proposals."
The Brazilian minister, who has led a call for emerging nations to play a bigger role in financial affairs, said that officials saw a need for quick actions to steady a troubled global economy.