Global summit to focus on finding solution to financial crises

Washington, Oct 31 (PTI) The economic and financial
summit called by the U.S. President George W. Bush on November
14-15 will focus on coming to conclusions on the best analyses
of what has happened in the global financial system, a top
administration official has said.

Bush has called for a leadership summit of Group of
twenty (G-20) nations in Washington D.C. where Indian Prime
Minister Manmohan Singh is expected to participate on November
15. The President and the First Lady Laura Bush will host a
working dinner on November 14 at the White House.

"... There are a couple of goals. The first would be to
identify what the causes of the problem have been so that we
understand them and become able to structure some effective
solutions" said Ed Lazear, chairman of President's economic
advisors.

"And then the solutions, to my mind, would take the form
of a list of principles that we would want countries to adhere
to. And those principles would have one thing in mind as the
primary focus. And that would be that countries would not do
things that would undermine the policies of the other
countries" he added.

"That's a very big factor. It's a very big factor within
Europe in particular because those countries are so closely
linked to one another. And we want to make sure that we
cooperate with each other so that we don't undermine the
process of others" Lazear said.

"We all have ideas on the causes. I think I know the
causes but I'm sure that the French think they know the causes
as well. And I'm not sure we necessarily agree. So, this is a
meeting to try to come to some conclusions on what we think
are probably the best analyses," the top White House official
said at a briefing.