Leaders of the world’s largest economies and emerging market economies have endorsed the G-20 as the premier forum for international economic cooperation. The leaders reached a historic agreement to put the G-20 at the centre of their efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the crisis. A statement issued by the White House said that the G-20 has acknowledged the need for stronger and more effective institutions. In April the G-20 leaders had made a decision to expand the Financial Stability Board to include all G20 countries and to add all the G-20 members to the Global forum on Transparency and Exchange of Information. The Financial Stability Board is seen as central to the efforts to develop and implement sweeping reforms to transform the system of regulation. Our Special Correspondent Esther Kar reports from Pittsburgh that the move to turn the G-20 into a kind of Permanent Council for Economic Cooperation is also an acknowledgement of the growing importance of leading emerging market economies like India and China.As the G-20 meets today there are signs that the Great Panic which gripped the world last year is on the wane. But the nations are still not out of the woods, the job market is weak and there is growing consensus that it is to early to unwind the stimulus packages.