With a view to tackle, the ongoing global financial crisis the US President George W bush has called for an emergency summit of leaders from the world's 20 leading economies on November 15, 2008. The global summit will take place in Washington, DC area.  According to White House spokesperson Dana Perino, the summit will review the situation of global financial condition and find of means to improve the health of global financial system. The leader will discuss on the agreement of a common set of principles for reform of the regulatory and institutional regimes for the world’s financial sectors.

 

Meanwhile, White House has invited the two presidential candidates, Democrat Barack Obama and Republican John McCain in the Global Summit. President Bush has been trying to get the feed back of the leaders of different nations about holding such summit. The summit which will held 11 days after the US presidential includes the leaders of G-20 nations. The leaders are also likely to discuss the impact of the financial crisis on emerging economies and developing nations, informed Dana Perino. She also added that leaders will try to plan out ideas to eliminate the recurrence of financial crisis in future.