|G8 leaders and outreach nations gather for a group photo at the G8 Summit at Deerhurst Resort in Huntsville, Ontario, June 25, 2010. Pictured top row, left to right: European Union Council President Herman Van Rompuy, British Prime Minister David Cameron, Jamaican Prime Minister Bruce Golding, Nigerian President Goodluck Jonathan, South Africa President Jacob Zuma, Ethiopian Prime Minister Meles Zenawi, German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi, Japanese Prime Minister Naoto Kan, European Union Commission President Jose Manuel Barroso. Bottom row, left to right: Russian President Dmitry Medvedev, Haitian President Rene Preval, Colombian President Alvaro Uribe, Algerian President Abdelaziz Bouteflika, Canadian Prime Minister Stephen Harper, Senegalese President Abdoulaye Wade, Malawian President Bingu wa Mutharika, French President Nicolas Sarkozy, and US President Barack Obama. (Xinhua/Pool)
by Xinhua writer Liu Yunfei
BEIJING, June 26 (Xinhua) -- When Leaders from the world's leading and emerging economies meet in Toronto late Saturday for the fourth Group of 20 (G20) Summit, a major topic will be how to address the flaws of the world's financial system so as to prevent the repeat of the current global crisis.
At previous summits in Washington, London and Pittsburgh, G20 nations have agreed on the necessity to reform the global financial system and in recent years they have scored important achievements in this regard.
They agreed to increase developing countries' voting power in the World Bank and the IMF by at least three percent and five percent, respectively, a major step to improve legitimacy and effectiveness of international institutions.
Following that, the World Bank Development Committee announced in April that developing countries' voting power in the bank was raised by 3.13 percentage points to 47.19 percent.
World Bank President Robert Zoellick said the move reflected developing countries' rise in the world economy.
"The World Bank made important strides of increasing the voice and influence of developing countries at the World Bank Group. The endorsement of the shift in voting power is crucial for the bank's legitimacy," he said at the time.
The past G20 summits also stressed the need to oversee financial institutions, instruments and markets, promote international cooperation, establish a new Financial Stability Board (FSB) in cooperation with the IMF to provide early warning of macroeconomic and financial risks, in addition to managing financial derivatives.