The G20 group of leading and emerging economies will take on a new role as a permanent body co-ordinating the world economy, a US official has said.
The move will give more power to emerging economies, rather than to the developed powerhouses of the G8 group.
The G20 is meeting in the US city of Pittsburgh for a two-day summit.
Senior EU officials later announced a deal to shift the balance of voting in the International Monetary Fund to benefit growing economies like China.
Currently, China wields 3.7% of IMF votes compared to France's 4.9%, although the Chinese economy is now 50% larger than that of France. read more
