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Italy promises ‘Super-G14’ to manage world economy

ROME - Fourteen countries will meet regularly to try to give new direction to the world economy during Italy's presidency of the Group of Eight rich nations next year, Prime Minister Silvio Berlusconi said on Friday.

‘As we have responsibility for the G8, and considering the economic crisis involving the whole world, I confirm the will of the G8 to create a G14 (that meets) in a continuous way,’ Berlusconi said during an international meeting in China.

The comments were posted on the Italian government's official website. Berlusconi said last week an enlarged grouping would include Egypt, India, China, South Africa, Mexico, and Brazil.

‘In this way we will be representing 80 percent of the world economy and we will be able to take decisions, as there is the common intention to make this Super-G an institute of governance of the world economy,’ Berlusconi said.

The prime minister said all the other members of the G8 -- the United States, Japan, Germany, Britain, France, Canada and Russia -- ‘are all very happy with this proposal of mine’.

On Nov. 15, a broader group of 20 advanced and emerging countries, the G20, will meet near Washington to discuss the financial crisis that has ravaged markets for more than a year.