G-20 is set to replace Group of 8, U.S. says

r the Group of 20 summit have agreed that the organization will replace the Group of Eight as a permanent body for international economic cooperation, the White House announced late Thursday.

The change reflects the world's shifting economic powers and a need for the U.S. and the traditional European powers to secure the cooperation of fast-growing economies such as China, India and Brazil to make progress on pressing issues. Full Story »