He said he told Bush that the meeting would serve no purpose if it was not well prepared and was only a repeat of the G-8 when some developing countries are invited "only for lunches and breakfasts" and their voices not heard.

"But I was proved wrong. The meeting was very well prepared. For the first time, developing countries' voice was heard," the Prime Minister said.

The meeting agreed on the need for giving considerable stimulus on the fiscal front while acknowledging that "something has gone wrong" in the management and regulation of the international financial system.

The meeting recognised that there had been "some lack of regulation, some lack of supervision, some misbehaviour on the part of actors. On the whole, the system of governance of international financial institutions, of supervision and regulation needs a relook."

Noting that a "club of few rich countries" was driving the international financial system, Singh said "for the first time, it has been recognised that this club membership must be expanded and countries like India must be part of this club for consultations and decision-making process."

At the same time, he suggested that such a meeting would have more meaning once the new administration of Barack Obama assumes charge in the US.

"In some way, this conference (of G-20) was like a Hamlet without the Prince of Denmark," Singh remarked as he pointed out that the Bush Administration was going to demit office in a few months.

Singh, however, said Bush had assured the meet that his administration was in touch with the incoming Obama administration and they have an agreed programme of action.

... contd.