Argentina says G20 sees need for more weight

Sat Nov 8, 2008 4:55pm GMT

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SAO PAULO (Reuters) - Finance officials from the G20 group of advanced and emerging economies are close to consensus on the need to increase the group's influence in governing the global financial system, Argentina's central bank president said on Saturday.

"We are moving towards a consensus to give the G20 greater weight," Martin Redrado told Reuters at a meeting of G20 finance officials in Brazil's business capital of Sao Paulo.

Heavyweight emerging economies like Brazil have called on the G20 to replace exclusive rich-nation clubs like the G7 as the premier forum governing the world financial system.

(Reporting by Louise Egan, Writing by Todd Benson)

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