European leaders say they are ready for serious talks on a new world financial architecture to replace the Bretton Woods system.

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Nor did delegates even think of trying to create a new gold-based, Bretton Woods-like monetary system that would keep currency exchange rates of trading nations strong and stable.

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Eventually such an arrangement must surely break down, bringing a new currency system into being, just as Bretton Woods emerged in the 1940s.

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Some leaders have urged the meeting to begin the process of launching a new global agreement to stimulate prosperity, similar to the Bretton Woods agreement in 1944 that created the post-war system of fixed exchange rates and established the IMF and the World Bank.

BBC: Q&A: The G20 summit