He is trying to act as the ``bridge'' between the two extreme positions that have emerged at Montego Bay on the methodology to be adopted to deal with the G-7. On the one side is Malaysia with an angry Prime Minister Mahathir Bin Mohamed, who took on a confrontationist stance towards the developed nations, openly admitting that the great Asian tigers had been reduced to ``whimpering and begging'' with their people ``starving, rioting and looting''.

At the other end of the spectrum are Egypt and Peru which have advocated cooperation with the G-7.

India, known for its faith in the ``middle path'', has already taken the initiative of hosting a preparatory meet in New Delhi in August-September in the run up to the ministerial WTO meet in Seattle in November this year. The idea is totry and evolve a common approach to the trade and investment related issues which have affect the developing countries and have resulted in a loss of confidence in the developed world.

The Prime Minister will continue his bridge building efforts, officials said, at the Tyral Golf Club, 40 minutes from Montego Bay, where the heads of government and state have gone for their customary retreat.

there is little difference amongst the G-15 on the problems that confront them; the difference is on how to engage the G-7 in a meaningful dialogue.

In his intervention at the plenary, Vajpayee warned about the harmful effect of large scale capital flows into emerging economies ``Recent events have shown that the boon... can turn into a bane when they make a dramatic exit,'' the PM said. ``We have seen this happening in varying proportions in East and South East Asia, Russia and more recently in Brazil.''

Global interdependence, Vajpayee said, had ensured that the shock impulses are transmitted worldwide and nocountry was immune to it. This was posing a grave threat to emerging economies whose markets, institutions and regulatory mechanisms were still at an evolutionary stage.

Fortunately, Vajpayee said, there was a greater realisation today of the need to reform the global financial system. Similarly there was a greater appreciation on the issue of capital account convertibility and even the IMF had taken a cautious position on this, the PM said. In the absence of a comprehensive institutional framework for reform, Vajpayee called for the need to devise a rule based system to bring greater discipline to the global financial markets. Where a crisis erupted, the country needed to be quickly assisted while taking steps to prevent the contagion effect.

Mahathir on the other hand struck a despondent note. ``We are 17 countries scattered over three continents. We are weak, We are poor. And we are linked with each other by thin and friable beliefs that we have something in common... that we need to cooperate toenhance this little strength... to enable us to survive. On the other hand the rich and the powerful are consolidating, forming cohesive politico alliances.''

Referring to the consolidation by the foreign corporations in developing countries, Mahathir said, ``I am sure it is not their intention to interfere in local politics but we know that in the Banana Republics the managers of banana plantations wield more power than the presidents of these countries.''

Though ten years have elapsed since the G-15 came into existence the members still feel that the forum needs to evolve a more definite profile, and that they need to meet more often to coordinate their position.

Eight heads of state and government, including host country Jamaica, are attending the summit. Sri Lanka is a new member and its President Chandrika Kumaratunge is here for the first time.