Leaders in D.C. to discuss global economy

WASHINGTON, Nov. 14 (UPI) -- A Washington summit this weekend on the global financial crisis is expected to produce a "broad action plan," not a quick fix, the White House said.

The summit for leaders of developed and developing nations is one of a series of meetings to address the crisis. U.S. President George W. Bush called the summit as financial markets swooned and demands rose for a coordinated international response, the Los Angeles Times said.

While delegates may reach accord on several principles, Bush said at a White House dinner Friday evening the global financial crisis "did not develop overnight, and it will not be solved overnight."

He began his toast in the State Dining Room by offering his sympathy to Netherlands Prime Minister Jan Peter Balkenende, who left Washington and returned home when he received word his father had died. Minister of Finance Jan Cornelis de Jager attended the dinner in Balkenende's place.

White House spokeswoman Dana Perino said the leaders "had a good productive meeting." She said they heard presentations from leaders of the International Monetary Fund and other international economic institutions as well as U.N. Secretary-General Ban Ki-moon.

Differences of opinion among nations over specifics of a common strategy will likely result in a go-slow approach and any agreement reached without U.S. President-elect Barack Obama probably wouldn't be effective, the Times said. Obama is not attending the summit, but is sending two representatives.

The White House said summit participants expect to agree on a broad action plan that includes establishment of working groups on issues such as overhauling financial regulations.