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What to look out for at the G20 summit

Leaders are piling into Cannes. Here are the top topics on the agenda at this year's conference.

Promotional posters lining the streets around this year's G20 summit on the French Riviera carry the message: "L'Histoire s'écrit à Cannes" ["The history is written in Cannes"]. This is a lot for the host, Nicolas Sarkozy, to live up to. Even before France took presidency of the G20 at the start of this year, Sarkozy had publicly been relishing his time in the international spotlight. His ambitious agenda for "reforming the international monetary system" and "strengthening the social dimension of globalisation" would portray him as a global statesman, boosting his image at home and paving the way for his re-election bid in France next year.

Yet all is not going smoothly. Presidents, chancellors and prime ministers are piling in to Cannes ahead of the short official summit -- which is just 24 hours long -- for emergency talks on saving the system, not reforming it.

His global vision has been overshadowed by problems closer to home. The slow-coming European rescue deal, which did little for anyone's political legacy, has been thrown into fresh uncertainty as Greece announced its intention to hold a referendum on the terms of its aid package.

Sarkozy was clearly rattled, speaking publicly of his shock and the need to stick to the plan, something he will re-iterate during emergency talks between himself, Angela Merkel and George Papandreou this evening. This story has dominated the headlines, along with the chances of China's Hu Jintao throwing the euro a lifeline in Cannes.

Sarkozy is not headline news. During the first day of official G20 business tomorrow, he will be hoping to make his mark and bring the spotlight back on him.

He has long advocated a financial transaction tax as a means of raising money for development and climate change. At his behest, Bill Gates will report on the issue to G20 leaders. He is expected to give his backing to the tax, which could raise $50bn a year.

France has been working to secure a "coalition of the willing" -- a group of supportive countries such as France, Germany, South Africa and others -- that circumvents opposing countries such as the UK and US. The tax has long been popular in France, and it would be a lasting legacy of France's G20 presidency. Sarkozy has been banking on this, and not crisis management closer to home, to be the history that is written in Cannes.

Simon Chouffot is a freelance journalist and media specialist

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