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US Sees 'Common Ground' with Europe on Financial Crisis


The United States says there is some agreement heading into next week's summit on the financial crisis in Washington.

White House spokeswoman Dana Perino Saturday says the U.S. shares "common ground" with European Union leaders on some of the ways to resolve the financial turmoil, but did not give any specifics.

European Union leaders said Friday they would push for tougher regulation and more power for the IMF at the November 15 meeting in Washington. They also said they would support a second summit within the next 100 days.

The outgoing administration of U.S. President George Bush has been resisting calls for comprehensive, binding decisions at the summit.

Meanwhile, developing nations are demanding a more prominent role in a proposed overhaul of the global financial system.

Brazil's president, Luiz Inacio Lula da Silva, says rich nations like the United States and European countries need to let emerging economies help shape what he calls, a new "financial architecture."

The Brazilian president spoke Saturday at a meeting of finance ministers from the Group of 20 nations (G20) in Brazil.

Developing nations - including Brazil, Russia, India and China, the so-called "BRIC" countries - have long complained they do not have fair representation within the International Monetary Fund or the World Bank.

Meanwhile, Spain's prime minister says his country will attend the summit in Washington, one day after France helped Spain secure a seat.

Spain is one of Europe's largest economies, but is not a member of the G20.

Some information for this report was provided by AFP, AP and Reuters.

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