White House says financial summit set for Nov. 15

WASHINGTON, Oct 22 (Reuters) – U.S. President George W. Bush will host a summit on Nov. 15 in the Washington, D.C., area to discuss the global financial crisis and ways to prevent it from happening again, the White House announced on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," said White House spokeswoman Dana Perino.

Some European leaders had pushed for a summit before the end of the year and French President Nicolas Sarkozy had urged that it take place in New York.

Bush plans to invite members of the G20 which includes the Group of Seven major industrial economies plus key emerging-market countries like China, India and Brazil.

Perino also said that the administration will seek input from whomever wins the U.S. presidential election which will take place 11 days before the summit.