(Updates with quotes on fiscal stimulus.)
SAO PAULO -(Dow Jones)- Next week's summit of Group of 20 leaders will lay the groundwork for the critical reforms and regulatory changes needed to resolve the ongoing global financial crisis, U.S. Treasury Under Secretary for International Affairs David McCormick said Sunday.
"We expect leaders will discuss actions that their countries have taken and will take individually and collectively to respond to the challenges that lie ahead," McCormick said. He spoke at a press briefing after the close of the G-20 meeting of finance ministers and central bankers in Sao Paulo.
G-20 leaders will meet Nov. 14-15 in Washington, D.C.
President-elect Barack Obama has been kept up to speed on developments and discussions among G-20 members, and may participate in next week's meeting, McCormick said.
"We want to have a nice hand-off so that we can continue with the reform agenda going forward," he said about the U.S. presidential transition.
According to McCormick, G-20 members also discussed the need for fiscal stimulus packages to fuel economic growth. He called the Chinese government's decision to announce a 4- trillion-yuan ($586 billion) stimulus package a "welcome step."
Each country's stimulus package could boost consumption and demand for imports, he said. "That will have not only a positive impact on their economy (but) also some potential lift for others," he said, adding each fiscal package should be in line with each country's needs.
McCormick highlighted the U.S. government's stimulus package earlier in the year, which gave a boost to domestic consumption in the third quarter.
The U.S. also supports much-needed reforms at multilateral institutions, as well as a larger role for the International Monetary Fund. The IMF has played a critical role in resolving the ongoing global financial crisis, and that role should grow in the future, McCormick said.
-By Jeff Fick, Alastair Stewart, Natasha Brereton and Terence Poon; 55-11-8147-0569; Brazil@dowjones.com
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(END) Dow Jones Newswires
November 09, 2008 15:45 ET (20:45 GMT)

Publié le 09 novembre 2008 Copyright © 2008 Dowjones