The meeting was convened by Brazilian Finance minister Guido Mantega who is the current chairman of the G20, a group made up of countries with strong farm sectors which was born during the recent trade talks of the Doha Round in the framework of the World Trade Organization.
The meeting was agreed between Mantega and the US Treasury Secretary Hank Paulson, who will be the opening speaker and is expected to give a picture of the current situation, which has extended to the whole world.
The purpose of this extraordinary meeting of finance ministers and central bank presidents is "to discuss aspects of the world financial crisis and its impact on the global economy", points out a release from the Brazilian Finance Ministry.
Earlier in the day the White House reported that President George Bush was on the phone with Brazilian President Lula da Silva and Germany's Premier Angela Merkel.
G-20 is made up of finance ministers and central bank presidents from 19 countries: South Africa, Germany, Argentina, Australia, Brazil, Canada, China, South Korea, US, France, UK, India, Indonesia, Italia, Japan, Mexico, Russia and Turkey. The European Union is represented by the president of the EU Central Bank Jean Claude Trichet.
Argentina calls for urgent meeting of Mercosur members
Argentina proposed an urgent meeting of Mercosur country members to coordinate positions which would help address the impact of the current global financial crisis and its possible impact on the region.
"We've proposed that the Common Market Council meets, that Foreign Affairs and Economy ministers get together because it's obvious we're going through very special times and we must exchange opinions", said Minister Jorge Taiana during an interview on Wednesday with a Buenos Aires channel.
The announcement followed another bleak day for Latin-American markets and currencies dragged by the collapse of Wall Street and the global lack of confidence.
Taiana did not advance a place or day for the ministerial summit but he did insist the purpose was "to exchange opinions, information, coordinate positions and have common replies, and particularly share a common assessment of the evolution of the situation".
Latin-American markets have been falling for several weeks now, fearing a strong slowdown in the world's leading economies which will impact on the solid regional growth of the last few years and lead to a depreciation of commodity prices.
"Undoubtedly this financial crisis, which most certainly will move to the real economy is going to have implications and we must be prepared to respond quickly and concertedly to avoid negative effects", added Taiana.
The Mercosur Common Market Council is an executive body responsible for the elaboration of the group's work agenda and negotiating agreements with third parties in representation of MERCOSUR.
Its agreements are resolutions and it is made up of Foreign Affairs and Economy ministers plus central bank presidents.
Mercopress