Carlo Secchi, professor of European economic policy at Bocconi University in Milan, said the London summit should focus on promoting "a new global financial system".

"Financial disclosure, compliance, transparency and appropriate codes of behavior are to be enhanced," he said. "A lack of supervision triggered the economic downturn. This is why a new set of rules and values is needed."

He went on to say that the economic downturn resulted from a "degenerative financial conduct," and that it is imperative to restore "sound morals and practices."

"Governments should not give in to protectionism. The measures so far taken around the world have been encouraging and stock markets reacted well," he said. However, Secchi is not so optimistic and believed "the worst may not be over yet."

Talking about the need to reach a coordinated fiscal policy in tackling the financial turmoil, professor Benigno said "it is difficult and inappropriate."

"Fiscal stimuli can only be at local level, not global because each country has a different economic system," he said.

"The Unites States' fiscal measures have been stronger than Europe's, for example. It's a global crisis but it triggers different local problems."

According to Benigno, "the G20 meeting cannot aim at a coordinated fiscal policy. This is the competence of global financial institutions such as the International Monetary Fund, the Basel Committee and the Financial Stability Forum previously created by the G20. Only these bodies are able to create a global system of banking control and supervision."

"The G20 meeting can simply restore confidence in financial institutions using its moral suasion power," he added.

Regarding Italy's role at the G20 summit, Benigno said the country "occupies a marginal position in the global economic downturn."

However, he added, "the Italian government can positively contribute to the summit."

"It has demonstrated wisdom in the measures so far taken and has set a good example by avoiding bail-outs," he said. "The Italian Ministry of Economy has issued treasury bonds to cover toxic assets, while Italy's central bank has introduced a reliable system of guarantees for bank credit swaps."

Professor Secchi also said "Italy holds the G8 presidency and must have an active role in promoting consensus regarding the rules of global governance" at the London summit.

(Xinhua News Agency March 28, 2009)