At the G20 summit of leading economies in Washington on November 15 there was widespread agreement that emerging nations should have a greater say in international financial institutions such as the World Bank and International Monetary Fund (IMF).

President Lula said that 'the existing multilateral organizations and the international rules in place have been rejected by history. Both the IMF and the World Bank should open themselves to greater participation by developing economies'.

He added that the G20 now has greater relevance than the traditional G8 grouping of the world’s seven leading industrialised nations plus Russia: 'There is no logic to making any political and economic decisions without the G20 members – developing countries must be part of the solution to the global financial crisis.'

The summit was also attended by Brazilian foreign minister Celso Amorim, who suggested that 'the G20 is now taking the place of the G8', a change he described as 'moving the tectonic plates of world politics'.

Source: Embassy of Brazil in London