By Christopher Swann
Oct. 9 (Bloomberg) -- The International Monetary Fund and Financial Stability Forum held an emergency meeting of officials from 27 countries today to discuss the mounting financial crisis.
The meeting was led by U.S. Treasury secretary Henry Paulson and hosted by John Lipsky, the first deputy managing director of the IMF and Mario Draghi, governor of the Bank of Italy and chairman of the FSF.
The gathering came on the eve of the IMF and World Bank's annual meetings in Washington. Lipsky said the aim of the meeting was to promote coordination between countries, which the fund's chief Dominique Strauss-Kahn said had been lacking.
``This session will contribute to the ongoing process of drawing lessons from the current turmoil and strengthening cross-border coordination,'' Lipsky said. Draghi said leading nations needed to ``recreate a financial system that operates with less leverage, is immune to the set of misaligned incentives at the root of this crisis.''
The meeting included officials from Brazil, China, Russia, Saudi Arabia and the Group of Seven leading industrial nations.
To contact the reporter on this story: Christopher Swann in Washington at cswann1@bloomberg.net
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