Brown said he would push for "international standards of transparency and disclosure" for financial institutions.

"And we need to reform and strengthen international institutions giving them power and resources to invest at global level," he said.

Meanwhile, Merkel said a UN Economic Council based on a new charter of global economic principles should be created to monitor the global economy.

But it remains unclear how their ideas would be viewed by other major economies, notably the United States under Obama.

Leaders at the Davos forum also highlighted the importance of fighting protectionism, which tends to rise at times of economic crisis.

They called for the conclusion of the long-stalled Doha Round of global trade opening talks as part of the stimulus package for the world economy.

"Trade is part of the solution of the global crisis," said Swiss Economics Minister Doris Leuthard, who hosted a ministerial meeting of major members of the World Trade Organization on the sidelines of the Davos forum.

"In fact, free trade could serve as the largest economic stimulus package to revive the global economy and fight poverty," she said.

In addition to the economic crisis, participants also discussed other global risks such as climate change, energy, food and water security.

All those risks need global solutions, participants said.

The meeting also reviewed situations in the Gaza Strip and Afghanistan, as well as Iran's nuclear issue.

World leaders at the five-day meeting now are expected to digest the information and suggestions they have received and come up with proper decisions on reviving world economy when they are back home.

The next G20 summit scheduled for April is considered an occasion for major leaders to make important decisions and action plans on the financial crisis.

World leaders also prepare to meet at a UN conference on climate change in Copenhagen, Denmark, at the end of this year to set a global framework for tackling the global issue.

The Geneva-based World Economic Forum has held annual meetings since 1971. As a non-governmental organization, it only provides avenue for important discussions on global issues, leaving decisions and actions to world leaders.

(Xinhua News Agency February 2, 2009)