Participants at the two-day meeting are expected to discuss the current global financial situation, said Marcos Galvao, international affairs secretary of the Brazilian Finance Ministry.
![]() |
Brazil's President Luiz Inacio Lula da Silva (C) attends the meeting of G20 Finance Ministers and Central Bank Governors in Sao Paulo, Brazil, Nov. 8, 2008. The two-day meeting was opened on Saturday. |
Addressing the gathering, Brazilian President Luiz Inacio Lula da Silva called for a "new world financial architecture" in the wake of the current financial crisis.
![]() |
The two-day meeting of G20 Finance Ministers and Central Bank Governors is opened in Sao Paulo, Brazil, Nov. 8, 2008. |
Any progress made at the event will be presented to the first G20 leaders' summit scheduled for Nov. 15 in Washington D.C.
Founded in 1999 as an informal arena to facilitate dialogue between major industrial and emerging-market countries, the G20 accounts for 85 percent of the world's economy and about two-thirds of the world's population.