World leaders will meet in Washington on Nov. 15 discuss the current financial crisis in an effort to mitigate the global economic downturn.

The meeting will be the first in a series of summits, said White House press secretary Dana Perino in a statement on Wednesday.

"The leaders will review progress being made to address the current financial crisis, advance a common understanding of its causes, and, in order to avoid a repetition, agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors," Perino said.

At the first meeting, working groups will also be set up to develop recommendations to be considered by leaders in subsequent summits.

"The summit will also provide an important opportunity for leaders to strengthen the underpinnings of capitalism by discussing how they can enhance their commitment to open, competitive economies, as well as trade and investment liberalization," Perino added.

Leaders from countries that participate in the G20 finance process have been invited to the meeting.

The G20 was established in 1999 after the last financial crisis that had global implications. It includes Finance ministers and central bank governors from industrialized and developing countries.

IMF, World Bank, UN invited

The Group of Seven advanced industrial countries and the European Union as well as China, Brazil, India, Russia and South Korea are included in the group. Canada is one of the G7 countries.

The highest-ranking officials from the International Monetary Fund, World Bank and the United Nations have also been invited to participate.

Perino also said the Bush administration will seek input from the winner of the Nov. 4 U.S. presidential election.

The White House will host a dinner on the eve of the summit.

The location of the meeting has not yet been announced but it will be held in the Washington area, Perino said.

Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David, Md., presidential retreat last week, announced the series of summits, saying the international community needs to work together to address the credit crisis that has shaken markets around the globe.

With files from the Associated Press