March 13, 2009

LONDON (AP) — To spend or regulate their way out of the world recession? That's the question finance ministers and central bankers from the Group of 20 countries will take up during a two-day gathering starting Friday in Britain.

With Europeans focusing on greater oversight of financial markets and the United States backing bigger stimulus spending, the widening cracks on policy are raising serious doubts about how successful the gathering will be in developing a common agenda for the full G-20 summit of heads of state and government next month.

"The omens are not good," said CentreForum economist Giles Wilkes of the meeting that will gather governments representing 80 percent of the global economy. "Even within Europe, there is little sign of a common approach."And the Europe-U.S. split is being exacerbated by demands from major developing countries that are part of the gropu, such as China, India and Brazil, for a bigger say in a reformed world economic order.