SAO PAULO, Nov 8: Emerging nations pressed for a stronger role in global financial coordination as key officials met here on Saturday to lay the groundwork for next week’s Washington summit on the deepening economic crisis.

Leaders from the main industrialised and emerging economies gathered under the auspices of the Group of 20, which many officials say should become a stronger body that could supplant the Group of Seven wealthy nations that currently serves to coordinate key global policies.

The calls for a broader multilateral response came despite caution by Washington, where a lame-duck administration of President George W. Bush has been noncommittal ahead of the transition to president-elect Barack Obama, who assumes office in January.

Opening the gathering, Brazilian President Luiz Inacio Lula da Silva told finance ministers and central bankers that a “new world financial architecture” is needed to coordinate the response to a deepening crisis.

“It’s time for a pact between governments for the creation of a new world financial architecture,” Lula said.

“This is a global crisis and it demands global solutions.”

Lula said nations struggling with the crisis must “avoid temptations to take unilateral measures,” and stressed that “new universal mechanisms are needed” that have to be worked out in concert.

“The crisis gives an opportunity for real changes,” he

said, adding: “We cannot, we must not and don’t have the right to fail.”

European leaders have said they hope the Sao Paulo meeting would lay the groundwork for the start of key reforms to be put in motion starting with a November 15 summit in Washington of G20 leaders.

The emerging nations meanwhile are demanding a seat at the table in global economic policymaking.

The top emerging economies -- Brazil, Russia, India and China -- want “a reorganisation of the world financial system,” Brazilian Economy Minister Guido Mantega told reporters on Friday.

The Sao Paulo meeting is seen as a preparatory session for a hastily called G20 summit in Washington.

The EU meanwhile put together its “wish list” for the summit, including tougher regulation of markets and a stronger role for the World Bank and International Monetary Fund.

The United States has so far played down expectations for the summit producing any concrete steps.

Yet one US official speaking on condition of anonymity said the Washington summit may go beyond a statement of principles.

“We think we may be able to agree ... on some actions that we can take in the near term,” the official told reporters.

Those might include steps to increase transparency, improve risk management, coordinate among regulating authorities, and even the adoption of more consistent and convergent rules, in the areas like accounting or capitalization, he said.—AFP