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Bush welcomes world leaders for financial summit
(Agencies)
Updated: 2008-11-15 10:10

US President George W. Bush (L) poses with Chinese President Hu Jintao upon arrival at the North Portico of the White House before a dinner for the participants in the G20 Summit on Financial Markets and the World Economy in Washington, November 14, 2008. [Agencies]

Leaders and ministers will join for five hours of talks on Saturday, followed by release of a final communique.

Ahead of the meetings, European leaders said the deep global financial crisis -- the worst since the Great Depression of the 1930s -- demonstrated the need for a stricter set of market rules. The 15-nation European Union is now officially in recession and the United States is headed that way.

The United States and Canada, however, urged moderate reforms and ruled out establishing any regulatory authority with power to set rules across borders.