Group of 8 Cedes Role in Economy to Group of 20

An administration official says the Group of 20 nations will become a permanent council on global economic cooperation—broadening the number of countries involved in the role currently filled by the Group of Eight major industrial nations. The G-8 would continue to meet on matters of common importance such as national security, the official said ahead of tomorrow's official announcement.

The larger group includes the biggest industrial countries, plus major emerging economies such as China, Brazil and India. The official said President Barack Obama initiated the move.