Reuters – Finance ministers from rich nations, when they meet on Friday, will face less economic turbulence than at their last gathering two months ago, but they recognize they need developing nations to step up spending to revive the world economy.

Acknowledging the growing economic might of developed nations, U.S. Treasury Secretary Timothy Geithner scheduled a gathering of officials from the Group of 20 wealthy and emerging economies next Friday immediately on the heels of a meeting of the rich Group of Seven.

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EasyBourse.com – The U.S. and Germany are going "in the same direction" ahead of next week’s G20 summit, a spokesman for Chancellor Angela Merkel said Friday amid reports of rifts between Europe and the U.S.

There are "no points of contention here between us and the U.S. government. For both of us, and our position has been made clear for some time, regulation of financial markets is the focus of the meeting," the spokesman said after Merkel and U.S. President Barack Obama held a video conference Thursday.

"The proposals that (U.S. Treasury Secretary) Timothy Geithner has put on the table when it comes to regulation of certain players – hedge funds and others – show that we are proceeding together in the same direction," spokesman Ulrich Wilhelm told a regular press briefing.

In Obama’s first trip to Europe since being elected, the Group of 20 summit on April 2 – which brings together major industrialized and developing nations – takes place against the backdrop of the worst financial crisis in decades.

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