FRANKFURT, Oct. 28 (Xinhua) -- German Chancellor Angela Merkel met with financial experts Tuesday for advice on tackling the world financial crisis before the G20 summit in Washington on Nov.15.

    The experts, who included academics and former European Union officials, were led by Otmar Issing, a former chief economist for the European Central Bank.

    The group was asked to present its recommendations on Nov. 13, a day before Merkel leaves for the summit.

    In a statement after the meeting, the chancellor said the new financial system would need increased transparency, a more rational system of encouragement, more supervision and enhanced international cooperation.

    Issing said the tasks of the expert group are not to merely provide a judgment of the current situation, but also an analysis of its causes and making suggestions to the government on setting up a more stable financial market.

    The upcoming summit in Washington will bring together leaders of the Group of 20 nations, comprising Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Britain, the United States and the European Union.