So, for instance, the problem is that we're going to have a G-20 meeting to discuss global financial architecture in Washington (on Nov. 15), but the leadership is a president that nobody respects. It's very difficult ... and a secretary of the Treasury that most people don't respect.

We welcomed that the Heads of G-20 countries will convene for a Leaders´ Summit on Financial Markets and the World Economy to be held on 15 November 2008 in Washington, noting that the global crisis requires global solutions and a common set of principles and that the forthcoming summit is an important step in enhancing international cooperation. We stand ready to urgently take forward work and actions agreed by our leaders to restore and maintain financial stability and support global growth.

We should ensure that all sectors of the financial industry, as appropriate, are regulated or subjected to oversight. We agreed that it is important to address the issue of pro-cyclicality in financial market regulations and supervisory systems.