UNITED NATIONS, Oct 25: Saying that the American markets have lost some legitimacy as the world pace setter, the head of a new United Nations panel on the world financial crisis called for a broadened global finance summit after the G-20 leaders meet in Washington in the mid of November to resolve the economic meltdown.

“The hope is that it will begin a process, set the agenda and it needs to be a multilateral approach in which the voices of all the countries are heard,” said Joseph Stiglitz, winner of the Nobel Prize for Economics in 2001 said on Friday.

UN Secretary-General Ban Ki- Moon vowed to help the poorest and most vulnerable in developing countries tide over the global financial crisis.

“The crisis we are facing today will impact all countries, developed and developing, but its most serious repercussions will be felt most by those who are least responsible the poor in developing countries,” the world body said in a statement issued at the end of a meeting of the UN System Chief Executives Board for Coordination .