A meeting of G20 finance ministers and central bank chiefs in Brazil this weekend will give emerging economies a chance to discuss the need for global financial regulation while preserving free-market principles, analysts say.
The Sao Paulo gathering will bring together officials from the G7 group of industrialised nations with the key emerging markets of China, India, Brazil and Russia, as well as other significant economies.
It is seen as a precursor to a November 15 summit in Washington of G20 heads of state and government hastily called by US President George W Bush to address the international financial crisis.
Europe is hoping the summit will result in what French President Nicolas Sarkozy called "concrete" reforms tending to greater government oversight, in effect overhauling the 1944 Bretton Woods agreement that many states feel has come up short in coping with the crisis.
But the United States, the source of the worldwide turmoil with its subprime fiasco and subsequent collapse of financial giants, is resisting regulations that would crimp its model of free-market capitalism.
Jason Vieira, the head economist of the Brazilian research firm UpTrend, said he believed emerging markets "can provide central support" to a "more effective control of markets and capital."
"Brazil has positive experience with mechanisms that work since adopting them in 1989, when the Sao Paulo stockmarket was on the brink of meltdown," he said.
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