VINA DEL MAR, Chile (Reuters) - Center-left world leaders including Britain's Gordon Brown and Brazil's
Luiz Inacio Lula da Silva on Saturday called for global financial reforms at next week's G20 summit, but
the U.S. warned against over-regulation.
Meeting in the Chilean coastal resort of Vina del Mar in a pre-G20 warm-up, Brown, Lula, host Chilean
President Michelle Bachelet and Spanish Prime Minister Jose Luis Rodriguez Zapatero said deep financial
reforms were vital to avert a another financial meltdown.
"The whole world is paying the price for the collapse of a reckless venture of those that have turned the
world economy into a gigantic casino," Lula told fellow leaders in a roundtable discussion.
"We are rejecting blind faith in the markets."
Brown said the G20 summit in London had to focus on concrete ways to revive growth and create jobs while
protecting the environment and the world's poor.
"We have got to be very clear that banking cannot be unsupervised any more; there's got to be cross
border supervision," he said, calling for an overhaul of the system of international finance and
coordinated policies to help underpin sustainable growth.
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U.S. President Barack Obama has called on fellow G20 leaders to agree on immediate action to help boost
the struggling global economy, while Brown wants the group to back a $100 billion expansion of trade
financing and agree upon a long-delayed global trade pact.
U.S. Vice President Joe Biden told the meeting overlooking Chile's Pacific coast the United States was
eager to coordinate international policy to reduce systemic risk to global markets, but warned over-
regulation could hurt healthy markets.
"We should not over-react. It is not a choice of markets or governments," Biden said. "A free market
still needs to be able to function."
Thousands of people marched in Britain, France, Germany and Italy on Saturday to protest the economic
crisis and urge world leaders to act to reduce poverty, create jobs and avert climate change at the G20
summit.
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"We have to democratize the economy, globalization and the financial system. How to do this? We already
know: with information, transparency and responsibility," Zapatero said.
(With reporting by Rodrigo Martinez, Antonio de la Jara, Patricia Velez and Adrian Croft in Vina del Mar;
editing by Todd Eastham)