United Nations Secretary General Ban Ki-moon has asked G-20 leaders, gathering in Washington this weekend to attend a summit on global market meltdown, to take immediate action to prevent the current financial crisis from turning into a "human tragedy."
In a letter to the leaders yesterday, he warned that unless steps were taken the "human tragedy' could result in new political and security challenges overwhelming the current economic crisis.
Ban's letter has been released at a time when outgoing US President George W Bush is seeking to lower the expectations from the high-level meeting, saying the crisis is so deep that it could not be resolved in one single meeting and several such gatherings might be needed.
Emphasizing on the role of financial experts, he said that the leaders would have to prepare recommendations with the help of experts but no time frame was given. Analysts said it could be a time consuming process.
Bush also called for reform of international financial institutions, including the World Bank and the International Monetary Fund but analysts said it too could be a long-drawn process as position of the incoming US administration was unclear.
An area which could see differences at the meeting, they say, is Bush's views on market regulation which the American President would like to keep to the minimum.
This will be the first time that the G-20 summit aimed at promoting dialogue between advanced and emerging countries on key issues regarding economic growth and stability of the financial system has met at the level of heads of State.
This is also the first time that the United Nations Secretary General has been invited to attend.