G7 should be replaced, says World Bank chief

WASHINGTON: The Group of Seven (G7) rich nations is no longer effective and should be replaced by a steering group that includes emerging economic powers like China, India and Brazil, World Bank President Robert Zoellick said on Monday.

In a speech ahead of meetings of G7 finance leaders in Washington this weekend, Zoellick said the global financial crisis was a "wake-up call" that required broader cooperation across more countries.

"The G7 is not working," Zoellick said, referring to the rich-country group of the United States, Canada, Britain, Germany, France, Italy and Japan. "We need a better group for a different time.