Updated Monday, November 17, 2008 10:06 am TWN, By Tom Raum, AP Summit shows shifting economic balanceLeaders may have not quite rewritten the rules of global finance in a weekend. But they still accomplished much by just gathering in such large numbers — both the older economic powerhouses and the newer fast-growing ones — to grapple with the world’s financial panic and pledging to work together to contain it. That rare show of unity, and a vow to work in the days ahead to better regulate global markets and to reform creaky 1940s-vintage financial institutions like the International Monetary Fund, enabled leaders to proclaim the summit a success. It also signaled a shifting balance of power on the world stage in which important emerging economies are demanding a stronger voice. And the summit posed a major challenge for the incoming administration of President-elect Barack Obama, who wasn’t even at the meeting. It puts pressure on him to join with other leaders in restructuring the global financial system soon after taking office, when he already has a wide array of must-do items on his agenda. Saturday’s statement by summit leaders contained broad themes but little in the way of concrete proposals. They can be developed at subsequent meetings, including one in April. “You have to give credit to the leaders for coming together and to the administration for organizing the meeting and to getting this off the ground. But it’s going to be even more difficult to land it someplace,” said Steven Schrage, a trade official in President George W. Bush’s first term. The Bush White House “is kind of turning over the controls to the Obama administration,” said Schrage, now with the Center for Strategic and International Studies. He said the path ahead, requiring agreements on complex issues among an expanded group of participants, would be a difficult one for Obama and other world leaders. Obama will be sworn in on Jan. 20. The makeup of the weekend session was as important as its communique advocating comprehensive reform. | Also in AP Most Read |