White House statement on Nov 15 finance summit

WASHINGTON (Reuters)- U.S. President George W. Bush will host a summit on November 15 in the Washington area to discuss the global financial crisis and ways to prevent it from happening again, the White House said on Wednesday.

Here is the text of the announcement from White House spokeswoman Dana Perino:

"Today, the President is inviting the leaders of the Group of 20 countries to a summit in the Washington, D.C. area, on November 15 to discuss financial markets and the global economy. The G-20 finance process, which includes key developed and emerging market countries, was established in 1999, after the last financial crisis with worldwide implications.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors. These principles can be further developed by working groups for consideration in subsequent summits.

"In addition, we expect that the leaders will discuss the effects of the crisis on emerging economies and developing nations. The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization.

"G-20 members are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.

"The Managing Director of the International Monetary Fund, the President of the World Bank, the United Nations Secretary-General, and the Chairman of the Financial Stability Forum have also been invited to participate."

(Reporting by Jeremy Pelofsky, editing by Frances Kerry)