The meeting of leaders of 20 most powerful economies in the world G20 began. It takes place in Washington and could prove crucial for the future development of the global economy. According to analysts it will become clear whether the U.S. role as world leader will be retained and beyond.

Some European leaders meeting today’s equivalent of the Forum of the Bretton-Woods, who laid the foundations of the world economy after World War II. Then the U.S. dollar received its role as a major global entity and was established architecture of the global economy with organizations like the World Bank, International Monetary Fund and the predecessor of the WTO GATT.

Now, nearly 60 years later, America stands at the heart of an unprecedented financial and economic crisis and claims a global enforcement are expressed and China, and Europe. Politicians from the EU argues for totally change the rules and create new regulatory regimes in order to prevent future crises of this kind.

EU raising proposals for tougher controls on the banking system - such as has the Old continent. Plans come in stronger control over the activities of hedge-funds and investment banks, increasing reserves and the introduction of universal rules for keeping their accounts.

The key request of the EU is the creation of a global network of regulators - those who have powers to control and banks in the U.S.. “Self as a way to solve all problems is past,” said French President Nicolas Sarkozi days ago, adding that “the principle of free economy is past and it is done with the principle that” the Almighty market is always right.

This is expected fundamental conflicts - the forecasts of specialists are that the U.S. position would be to remove many of these new regulations, which call into question the results of the meeting. While America to state that agrees with the need for change, it is not ready to give too much power in the hands of a supranational regulatory mechanisms.

It is expected the U.S. to focus its efforts towards pressure on China to take steps for reduction of prices the value of its currency. However, EU unlikely to set those steps as China would asked a number of changes in the global economy in return, including a role in the institutions that govern the system.

The main problem of today’s meeting might be the mechanism of decision. Consensus is difficult to grasp within such a large forum. 19-countries involved in it, together with the EU, representing 90 percent of the world economy and 75 percent of the population of Earth. Difficulties in making a decision is expected to relate to the wishes of developing countries like China, Brazil and Russia for a greater role in world economy and the reluctance of the developed world to it.

The results of the meeting will become clearer later today when it is expected to be published jointly communique.

Participate in the forum Argentina, Australia, Brazil, Britain, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, South Africa, South Korea, Saudi Arabia, Turkey and the United States.

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