The heads of state and government of the countries comprising the financial G20 will be participating in the Summit on Financial Markets and the World Economy in Washington on 15 November.

President Luiz Inácio Lula da Silva will lead the Brazilian delegation, which also includes Brazil's foreign minister Celso Amorim, finance minister Guido Mantega, and the Brazilian ambassador to the United States, Antônio de Aguiar Patriota.

The summit was called by the President of the United States, George W. Bush, in order to address the crisis in the financial markets and the world economy. Brazil understands that the initial measures the governments have taken have begun to produce positive results. However, Brazil believes it is imperative to normalise the credit channels and financial flows in order to limit the impact on the real economy. Brazil also supports the implementation of anti-cyclical policies, given that a sharp recession would have particularly serious consequences for developing countries.

Brazil also argues for changes to the global financial governance structure, so as to make the global financial institutions more legitimate and representative. Although developing countries are not spared the effects of the crisis, the current structure allows them little influence or participation.

The financial G20 is an informal forum that brings together finance ministers and presidents of central banks from both developed and developing countries to discuss global economic stability. It was created in response to the economic crises of the late 1990s. The following countries are members: Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. The European Union is also represented in the group.

Source: Ministry of External Relations