Global leaders at the G20 summit in London should urge a radical reform of international financial institutions so as to pave the way for a new international economic order with a common set of rules and codes of conduct, Italian experts said in interviews with Xinhua on Friday.

Pierpaolo Benigno, economics and finance professor at Rome's LUISS University, said he expects "the G20 summit to launch a recapitalization of the International Monetary Fund."

"Reaching financial stability is the first objective in tackling the financial turmoil," Benigno said. "Well-performing countries must help those in greater difficulties by giving larger loans. There should be a global system of compensation among nations to level deficit and debt inequalities."

"Countries with high levels of capital reserves, such as China, could donate larger loans to the International Monetary Fund," he added.

Gloria Bartoli, LUISS professor of International economy and former expert at the World Bank and Bank of Italy, said it's "a unique opportunity to launch a reform of global financial institutions" at the G20 summit.

"There are two major issues at stake," she said. "First, there's the need of a coordinated global increase in loans to the International Monetary Fund. Second, a new system of global and multi-polar governance is to be put in place."

According to Bartoli, the International Monetary Fund needs urgent reform because it is already out of date. "It reflects the power of one single dominating country, the United States. More space needs to be given to emerging countries, especially China," she said.

Bartoli also appreciated "the head of Chinese central bank's plan to displace the American dollar as the world's standard and replace it with a global reserve currency operated from the International Monetary Fund, the so-called Special Drawing Right."

"It's the right solution to increasing global liquidity in favor of straining developing countries," she said.

At London's G20 summit, "Italy and Europe should strike an alliance with China, India and Brazil to change the International Monetary Fund's voting system," Bartoli suggested. "The U.S. has the voting weight, making it the sole country with a one-vote veto and today this is unjustified," she added.