G-20 finance ministers and central bank presidents have agreed to boost the role played by emerging economies in overhauling the international financial system.

The agreement was reached during a crisis meeting in Brazil to discuss the global financial crunch.

After two days of discussion in Sao Paulo, officials from the Group of 20 agreed that their nations must take coordinated action to ease the crunch, and also improve international financial regulations.

But they still fell short of agreeing on a final plan for doing so.

Many of them did agree, however, that major bailout packages in the US, Europe, and elsewhere have so far failed to work as expected. Nor have these measures re-established the confidence needed to ease the crisis.

Therefore, they're calling for additional measures.

Stephen Timms, Financial Secretary, British Treasury, said, "We are in extraordinary times. The global economy is facing shocks, which are wholly without precedent, and we need a new approach that is appropriate given these conditions."

Trecor Manuel, South African Finance Minister, said, "The emerging market economies have to be part of the solution, part of the decision making, and that is what we are looking for."

Brazilian Finance Minister Guido Mantega is also calling for a more active role for emerging nations in institutions such as the World Bank and the International Monetary Fund.

The G-20 meeting of finance ministers and central bank presidents will be followed by a summit of G-20 leaders, which is scheduled to take place next week in Washington.

(CCTV November 10, 2008)