Many Seats, Agendas At Global Roundtable

"Since the end of the Cold War, our notion of good governance was basically unchallenged. With the international financial system in distress, now the idea of free markets is put in question in large parts of the world," he said. "We have to be very careful of the fallout of this crisis: The legitimacy of the notion of free markets, of our notion of good governance and of the international institutions, if not reformed, might be challenged. We have to act now, swiftly and decisively."

The meeting is officially a gathering of the Group of 20, an organization that lacks the notoriety and influence of the Group of Seven industrialized powers. It was formed during the Asian financial crisis in the 1990s to provide a forum that would include the G-7 nations and developing countries such as China, India, Brazil, South Africa and Saudi Arabia.

Until now, the group -- which represents nearly 90 percent of the world's gross domestic product -- has been designed as a forum for financial ministers; never before have the leaders of its members, 19 countries plus the European Union, gathered together. (Spain and the Netherlands, while not G20 members, are also attending as representatives of the E.U.)

Robert B. Zoellick, the president of the World Bank, said that the inclusion of developing countries was important. "It would be an error of historic proportions if developed countries put in place policies, structures and norms that undermined or excluded the interests of developing countries," said Zoellick, who will also attend the summit. "Many governments in developing countries have taken courageous steps over the last years to put their own houses in order, and this crisis is not of their making."

"This is a very good opportunity for the emerging markets, for the Chinese, the Indians and maybe Brazil to put some interesting things on the table," Johnson said.

But because of the unique circumstances of the U.S. presidential transition, William J. Antholis of the Brookings Institution said: "I do think the leaders assembled will be looking at President Bush and not expecting him to be leading them. The expectation is not that George Bush will lead a path out of this mess. This meeting might be a patch on a tire losing some air. But at some point, we have to change the wheel."

Nigel Sheinwald, the British ambassador to Washington, indicated that Prime Minister Gordon Brown would push for an emphatic statement on coordinated fiscal stimulus, much like the coordinated efforts in recent weeks by central banks.

"We now believe that the summit needs to send a clear message that a broad, concerted economic response is needed now," Sheinwald said, "and we believe that the benefit of fiscal action in one country will be all the greater in that country if other countries are acting at the same time."

David H. McCormick, the Treasury undersecretary for international finance, acknowledged that "probably a significant portion of countries are thinking about near-term response. So it will be an important topic." But he noted the Bush administration signed a stimulus package earlier this year, and so that makes "the likelihood of everybody being at the same place in terms of a fiscal measure very unlikely."