Finance chiefs from the world's dominant economies have gathered in Paris for a G20 summit. And smoothing global imbalances in trade and investment is their top priority. Host country France is hoping that the 2-day session will lead to an overhaul of world finance.

It is a chance for the biggest names in finance to voice their opinions on the global economy.

French President Nicolas Sarkozy warned the finance ministers and central bankers from the Group of 20 nations that they cannot afford to fail in their search for agreement on measures to resolve global imbalances.

Nicolas Sarkozy, French President, said, "The temptation to give the priority to domestic, national interests is great but I want to say this very clearly: this would be the death of the G20."

France's Finance Minster also warned the world's strongest economies will find themselves in a new crisis if they fail to address the dangerous imbalances in the world economy.

Christine Lagarde,France's Finance Minster, said, "If I was to use a matrix I would have those four against growth, currencies, commodities, financial markets, and players and development and this is really my roadmap for the G20 French Presidency as far as financial and economic matters are concerned."

The leaders face many difficult questions in the meetings that lie ahead.

The existence of imbalances points to vastly different growth models among the world's biggest economies. Each argues that changing its strategy, whether in exports, exchange rate control, or the free flow of money, would hurt its economy.

US Federal Reserve Chairman Ben Bernanke defended easy money policies in advanced economies, in the face of accusations they are overheating emerging markets.

Ben Bernanke, US Federal Reserve Chairman, said, "To manage and productivity invest capital inflows we must continue together to increase the efficiency, transparency and resiliency of our financial systems. None of these changes will be easy or immediate."

And US Secretary of the Treasury Timothy Geithner warned against a G20 failure. He said central banks need to design rules with knowledge of the way markets work.

Timothy Geithner, US Secretary of the Treasury, said, "You have to have a system where you can allow it to happen without this causing this kind of collateral damage and contagion, and that requires having a capacity to put banks through a form of managed bankruptcy, orderly resolution, so that you can stem a panic and failure doesn't accelerate panics."

Meanwhile, speaking shortly before the the meeting, Chinese Finance Minster Xie Xuren said China believes it is not appropriate to use real effective exchange rates and reserves, to measures global economic imbalances. He suggested that the G20 should use trade figures rather than current account balances to assess economic distortions.