The U.S. will host a global economic summit in the Washington area beginning Nov. 15, White House spokeswoman Dana Perino said.
Leaders from nations that participate in the G-20 will be invited, Perino said. The agenda will include discussion of the ``underlying causes of the financial crisis,'' a review of progress in addressing them and the development of principles of reform to make sure these conditions aren't repeated, she told reporters at a briefing.
``Everybody will come with their own ideas,'' she said. ``Not everybody will have the same solution,'' and ``it's too soon to say what will come out of it.''
Any deal to rewire the international financial architecture would echo the 1944 Bretton Woods agreement that fixed exchange rates and created the International Monetary Fund and the World Bank. The European leaders are pushing for tighter regulations after U.S. Treasury Secretary Henry Paulson followed British Prime Minister Gordon Brown's lead in injecting money into loss- ridden banks in return for equity.
Perino said the gathering ``will provide an important opportunity for leaders to strengthen the underpinnings of capitalism'' and ``how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization.''
`Tough GDP Number'
Nations ``have been able to take separate actions'' in their own markets, and ``we're starting to see stabilization,'' she said. Still, the U.S. is expecting ``a very tough GDP number next week,'' she said.
Perino said the meeting will set up working groups to develop recommendations for future summits, Perino said.
The Group of 20 nations, created as a response to the financial crises of the late 1990s, includes finance ministers and central bank governors from the G-8 industrialized nations as well as developing nations.
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 U.S., the U.K. and the European Union.
Others invited include the managing director of the International Monetary Fund managing director Dominique Strauss- Kahn, the World Bank President Robert Zoellick and United Nations Secretary General Ban Ki-moon.
Perino said no location in the Washington area has been chosen yet.
Perino said the presidential candidates were told of the plans for the summit and it's ``too early to say'' if the president-elect will attend. ``We'll get their input as we move forward,'' she said.
