With a variety of proposals in hand, leaders of the Group of 20 economies arrived on Wednesday for talks on the current financial and economic crisis.

As an important power within the G20 framework, the European Union is trying to put global financial reforms on top of the summit agenda and aims to play a bigger role at the meeting.

Set on collision course with Washington

Ahead of the summit, a trans-Atlantic rift has become the focus of media coverage.

While the United States urged European countries to put more fiscal stimulus measures in place to help boost global demand, the EU, led by Germany and France, simply rejected the call. Instead, the EU stressed the urgency for tougher financial rules and an overhaul of international financial institutions.

On the eve of the summit, German Chancellor Angela Merkel and French President Nicolas Sarkozy stepped up their calls for the G20 leaders to agree on tighter regulation of the global financial system.

"Germany and France will insist that our intentions do not just remain statements but that they become reality," Merkel told reporters at a joint press conference with Sarkozy in London. "We want results but we do not want results that have no effect in practice."

Sarkozy warned that tougher financial regulations are "non-negotiable."

"The compromise has to come from all countries around the world. This crisis did not begin in Europe," he said, in clear reference to the United States.

Hans Martens, chief executive of Brussels-based think-tank European Policy Center, said the divergence between Europe and the United States reflects the different economic governance mode on the two sides of the Atlantic.

"The US is more market-oriented, but Europe tends to regulate more," he said.

Financial cirisis provides opportunity

For Europe, the financial crisis is not its fault, but it has become one of the biggest victims.

In order to prevent a recurrence of the crisis, the EU believes it is necessary to rein in the US financial market where all the problems originated.