G20 leaders call for financial reforms

WASHINGTON, Nov. 16 (UPI) -- Leaders of the G20 countries meeting in Washington say they've launched financial reforms to bolster international supervision of banks and credit agencies.

Meeting Saturday to address the deepening global financial crisis, the leaders of the world's biggest and most quickly developing economies also agreed to forge new regulations to monitor the complex mortgage-backed derivative securities whose value collapse have worsened the crisis, The New York Times reported.

U.S. President George Bush, however, disagreed with European leaders led by French President Nicolas Sarkozy who called for a new financial regulatory body with powers to reach across borders. Instead they discussed establishing a "colleges of supervisors," which would meet regularly to share information about global banks with operations in many countries, the Times said.

U.S. President-elect Barack Obama did not attend the conference, although his senior advisers met with G20 leaders on the sidelines, the Washington Post reported. His support of a bailout of the U.S. auto industry generated significant opposition among European leaders as protectionism.

The proposals generated Saturday will be followed up with another meeting April 30, 101 days after Obama is sworn into office, the Post said.