Mandelson says G20 is the new global steering group

LONDON (Reuters) - The G20 group of major developed and developing nations is now the leading decision-making forum for global economic and financial matters, British business minister Peter Mandelson said on Wednesday.

The G7 group of rich nations -- comprising the United States, Japan, Germany, Britain, France, Italy and Canada -- has traditionally taken the lead on international economic affairs.

But analysts say that forum is fast becoming out-dated because of the emergence, and increasing importance, of big developing nations such as India and China.

"It involves the entire global financial system. This is precisely what the G20, which is in effect the new steering committee of the international economy, has got to talk about seriously," Mandelson told BBC television while discussing the regulatory changes that were needed following the credit crisis.

The G20 nations meet in London on April 2 to discuss how to deal with the financial crisis and economic downturn, with developing nations pushing for more of a say in how the international financial system is governed.

(Reporting by Matt Falloon; Editing by Angus MacSwan)