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Economic crisis to dominate opening of G8 summit

(Agencies)
Updated: 2009-07-08 11:02

Full Coverage: G8+5 Meetings Related readings: Financial reforms deal not likely Oxfam to G8: Climate change will spread hunger Quake shakes G8 summit venue Hu in Italy to attend G8+5 session Wide range of issues to be discussed in G8 Summit

ROME: Leaders from the Group of Eight (G8) major industrial nations will warn against complacency over economic recovery when they begin an annual summit on Wednesday.

The three days of talks will aim to find common ground on a broad range of issues, from tackling global warming to boosting farm aid and from reviving international trade talks to dealing with Iran's nuclear ambitions.

Italian Prime Minister Silvio Berlusconi, beset by sex scandals, is the summit host and will kick off proceedings at a lunch that will discuss the economic outlook and regulations.

The summit takes place in the Italian city of L'Aquila which was wrecked by an earthquake earlier this year - a fitting backdrop for discussions on the crumpled global economy that is struggling to overcome the worst recession in living memory.

A general view shows the room where G8 leaders will hold their group meetings at the G8 summit near L'Aquila, Italy, July 7, 2009. Leaders from the Group of Eight major industrial nations and the main developing economies will hold talks from July 8-10 in the central Italian city of L'Aquila. [Agencies]

Policymakers would agree the world economy was still too weak to remove stimulus measures and would consider whether more work was needed to shore up banks, European officials said.

Speaking on the eve of the summit, British Prime Minister Gordon Brown said the world had to wake up to the scale of the downturn and stay focused on restarting growth.

"I am not complacent and remain vigilant about the financial state of the world," said Brown.

The United States, Japan and France are likely to echo his caution, leaving Europe's largest economy, Germany, isolated if, as expected, it seeks a commitment from the G8 to pull swiftly out of costly economic support policies when recovery comes.

G8 leaders badly underestimated the economic problems facing them when they met in Japan last year and Wednesday's talks will touch on what nations must do to prevent another such meltdown.

However, officials said few major initiatives were expected to emerge, with the broader G20 forum, grouping rich industrial nations and major emerging economies, tasked with formulating a regulatory response to the crisis rather than the G8 nations.

The G20 met in London in April and convenes again in September in the United States.

"In reality (L'Aquila) is just an intermediary step," said a senior French official.   

US President Barack Obama makes his G8 debut in L'Aquila and more than 30 other world leaders will also take part in some of the discussions in recognition of the shifting balance of global economic power.

A packed first day is due to wrap up with talks on an array of international issues, including Iran's post-election violence and nuclear programme. However, these are unlikely to lead to any immediate action, such as a tightening of sanctions.

One area where officials said a breakthrough might be possible was trade. A draft communique suggested the G8 and "G5" developing nations would agree to conclude the stalled Doha round of trade talks in 2010.

Launched in 2001 to help poor nations prosper through trade, the talks have stumbled on proposed tariff and subsidy cuts.