An economic team from the World Bank and International Monetary Fund has said the Group of 20 should be replaced by a new Global Economic Council.

The team, which includes academics, central bank officials, and economic ministers from Japan, western Europe, Africa, Latin America and Asia has been meeting to discuss the new council, which will be a United Nations body.

The new UN body, which would be independent of the Security Council is expected to become the main forum for setting the agenda for worldwide economic and financial policy.

The concept will be raised at next week’s expanded G20 summit in London, at which heads of state will debate a global response to the world financial crisis.