US Federal Reserve Chairman Ben Bernanke urged on Monday members of the Group of 20 world powers to closely coordinate financial reforms in its aim to strengthen the global economy as he leaves note that governments' international cooperation is a must in overhauling market rules following the global financial crisis.

Mr Bernanke pointed out that the world can look up to G20 for guidance and leadership, which he said is essential "in ensuring that reforms are not only strong and effective but also consistent and coordinated across countries."

G20 finance ministers and representatives are scheduled to meet in Busan, Korea later this week for a summit expected to be dominated by discussions on recent financial institution scandals and the European debt crisis and their subsequent effects to economies in a global scale.

Mr Bernanke made his calls to G20 through South Korea, present chairman of the economic group, in which he underscored that "strengthening the international financial system and ensuring that financial institutions are carefully regulated, well capitalised, liquid, and transparent will require extensive international cooperation."

Governments across the globe have been mulling on fresh measures that would combat the perceived abuses of giant financial institutions which many economists identified as the culprit for the financial woes being suffered by a number of economies around the world.

Analysts though are saying that any domestic governmental efforts could prove ineffective at a time when banks and investment groups could easily transact their global business in a matter of seconds, aided by breakthroughs in communication.

The G20 talks should also look further on the eurozone crisis and its effects on global recovery, which many analysts have come to characterise as premature and too weak to withstand a wide-ranging problem such as the European debt issues.

However, senior Federal Reserve officials said that as far as the US recovery is concern, the debt crisis in Europe is not a big issue yet they admitted that some unseen factors could convince them to postpone or withdraw federal stimulus policies.

Charles Plosser, president of the Federal Reserve Bank of Philadelphia, is confident of a rock solid US economic growth and any concern of a recession should be out of the question, though he conceded that the European crisis should raise some valid doubts so the need to exercise question is a must.

Chicago Fed president Charles Evans is convinced too that a US recovery is underway but the low inflation currently in effect should force the Federal Reserve to maintain low rates for a longer time as he stressed that growths in the US labour markets were sure signs of sustained recovery.