Greater role for emerging powers

The G20 group of leading and emerging economies is to take on a new role as a permanent body co-ordinating the world economy, a White House statement has said.

It will take on the role previously carried out by the developed powerhouses of the G8 group.

A deal has also been agreed to shift the balance of voting in the International Monetary Fund towards growing nations such as China.

The Nobel prize-winning economist, Amartya Sen, told Carolyn Quinn on Radio 4's PM programme that the changes were positive, but could go further.