Brazil says G20 agrees on need for coordinated measures

SAO PAULO (Reuters) - The G20 group of advanced and big emerging economies agreed on Sunday on the need for coordinated action to fight the financial crisis, G20 president Brazil said.

But Brazilian Finance Minister Guido Mantega said after a G20 annual meeting that details of possible coordinated action had not yet been finalized and there was no agreement on proposals to increase regulation in financial markets.

"There is consensus that we need coordinated action to deal with the crisis," Mantega told a news conference.

"It requires global action and so there is a need for institutions that are suitable for this kind of common and coordinated action. This has not yet been resolved but the G20 is a strong candidate to be the coordinator."

Several emerging countries have said they need to be given more voice in managing global finance that has long been the preserve of rich countries, which are members of the G7 group.

Mantega said he expected proposals for financial reforms to be discussed by G20 leaders at a summit next weekend in Washington, but any detailed plans would take between two and three months to draw up.

Brazil holds the presidency of the G20 this year.

(Reporting by Todd Benson; writing by William Schomberg, editing by Maureen Bavdek)