The G8 has not yet become obsolete as a forum for the leaders of the world's most industrialized economies, Russian presidential aide Sergei Prikhodko said on Thursday.

U.S. President Barack Obama is in Italy Wednesday for talks with the world's most powerful leaders during the Group of Eight economic summit. In a story published in L.A. Times the Obama team says there is consensus on global economic stimulus.

On Wednesday, leaders of Russia, the US, the UK, France, Japan, Germany, Canada and Italy will gather in the Italian town of l'Aquila for G8 summit. North Korea’s nuclear problem, international security and the methods of overcoming the global crisis will be priorities for Russia at the summit, presidential aide Arkady Dvorkovich told reporters Tuesday.

China says it is prepared to discuss moderate goals to combat climate change at next week's summit of leaders from the world's eight leading industrialized nations.

Finance ministers from the Group of Eight industrialized nations ended a two-day meeting in Osaka, Japan Saturday with a wide-ranging statement addressing oil and food prices, and troubled financial markets.

ICC has welcomed progress negotiated at the G8 Summit last week in Heiligendamm, Germany addressing the challenge of climate change.