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| US to host world financial summit | US to host world financial summit |
| (10 minutes later) | |
| The first global financial summit will be held in the US on 15 November, a White House official has said. | The first global financial summit will be held in the US on 15 November, a White House official has said. |
| President Bush will host the meeting to discuss the global financial crisis and ways to prevent it recurring. | |
| Leaders from the G20 group of nations - the world's leading industrialised countries and major developing nations - will attend. | Leaders from the G20 group of nations - the world's leading industrialised countries and major developing nations - will attend. |
| Whoever wins the US presidential election, which will take place 11 days before the summit, will also attend. | |
| The meeting, to be held in the Washington DC area, will consider the reforms needed to avoid another financial crisis and look at the progress currently being made. | |
| "The leaders will review progress being made to address the current financial crisis," said White House spokeswoman Dana Perino. | |
| In order to avoid a repetition of the crisis, she said they would "agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors". | |
| Worldwide crisis | |
| Later summits will focus on working out the details of the reforms needed. | Later summits will focus on working out the details of the reforms needed. |
| Some European leaders had pushed for a summit before the end of the year, and the French president Nicolas Sarkozy had said it should take place in New York. | |
| Among those expected to attend the summit will be leaders from the G20 group of nations, which includes the G7 group of major industrial economies and key emerging-market countries such as China, India and Brazil. | |
| The head of the International Monetary Fund, the president of the World Bank, the United Nations secretary-general, and chairman of the Financial Stability Forum have also been invited to participate. |