UN Financial Summit Attracts 14 World Leaders

He said three main elements are currently being negotiated:

— an emergency global stimulus plan that will help not only the rich countries but also the weakest countries.

— ways to sustain a global stimulus plan including possible changes to the current international financial architecture.

— the way forward including a follow-up mechanism and a future U.N. role.

"Those basic principles are agreed upon by basically most of the member states," Yeves said. But "the more we go into the details, the more disagreement there is."

Proposals on restructuring the global financial architecture range from calls for a completely new structure to reform of the current structure and reinforcing the International Monetary Fund, he said.

As for financing new measures, he said there have been suggestions of taxes on cyberspace and taxes on carbon, Yeves said.

D'Escoto had appealed to member states to complete negotiations by June 15 so that world leaders could review the document before the summit, but that hasn't happened.