KEY POINTS:
World leaders, facing financial markets in turmoil and the possibility of global recession, will discuss ways to fix the crisis at a summit meeting in Washington next month.
United States and European leaders, sparring over the causes of the credit crunch and how to cure it, do not expect to reach consensus on what steps to take.
Instead, the November 15 summit may produce only an agreement to hold additional meetings.
"Everybody will come with their own ideas," White House spokeswoman Dana Perino said.
"Not everybody will have the same solution."
United States President George W. Bush, responding to calls from French President Nicolas Sarkozy and British Prime Minister Gordon Brown, invited leaders from the so-called Group of 20 industrialised and developing nations to attend the summit almost two weeks after the US presidential election.
Brown wants greater cross-borderoversight of banks and other financial firms.
Sarkozy has called for much stricter Government supervision of financial markets and their participants.
He said on Wednesday that his goal was to "reform the international financial system and ensure that the current crisis won't repeat itself thanks to a better regulation".
Perino, however, suggested the Bush Administration was more interested in a discussion of "principles" for prudent country-by-country regulation.
- BLOOMBERG