US announces world leaders to meet on economy in November

SHOTLIST 1. White House Press Secretary Dana Perino entering news briefing 2. Cutaway of reporters 3. SOUNDBITE (English) Dana Perino, White House Press Secretary: "Onto the news some of you have already had a chance to find out about, the president today is going to invite the leaders of the group of 20 countries to a summit in Washington DC. That will be November 15th and it will be to discuss the financial markets and the global economy. The meeting will be preceded by a dinner the night before, on November 14th at the White House, hosted by president and Mrs Bush. The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors." 4. Perino at lectern STORYLINE: The White House announced on Wednesday, that 20 world leaders will gather on November 15 in Washington DC to discuss the global financial crisis - the first in a series of summits to resolve what economists predict could be a long and deep economic downturn. The first meeting will focus on underlying causes of the financial crisis, review progress being made to address it and start developing reforms needed to ensure it does not happen again, White House press secretary Dana Perino said during a media briefing. The November 15 meeting will be the first in a series of summits that bring together leaders from countries that participate in the Group of 20, (G-20). The G-20 consists of: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. At the meeting, leaders will set up working groups and develop recommendations to be considered in subsequent summits. The White House will host a dinner on the eve of the summit, Perino said. The location of the meeting has not yet been announced. US President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David presidential retreat last week, announced the series of summits, saying the international community needs to work together to address the credit crisis that has shaken markets around the globe. Noting that the summit will be held after the US election, it is too early to know whether the president-elect, be it John McCain or Barack Obama, who were both notified about the meeting on Wednesday, will attend. It is also unclear whether subsequent summits would be held while Bush is still in office. The managing director of the International Monetary Fund, the president of the World Bank, the United Nations Secretary-General and the chairman of the Financial Stability Forum also have been invited to participate. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/113cdf9f2495436be2869dfc27a00bce Find out more about AP Archive: http://www.aparchive.com/HowWeWork