WASHINGTON, Nov. 8 (Xinhua) -- The United States and the European Union share the viewpoint on the reform of the world financial system, the White House said on Saturday.

    "We believe there is a great deal of common ground among our approaches to address the turmoil in the financial markets," White House spokeswoman Dana Perino said ahead of the G20 global financial summit to be held in Washington next week.

    Leaders from rich countries and major developing economies are expected to discuss a common approach to solving problems in the financial system, to tackling the worst global financial crisis in some 80 years.

    "The United States has long been working to advance a financial markets reform agenda with many other countries. Many of those actions are reflected in the statement released ... by European leaders," said Perino.

    The scheduled summit would "reaffirm a commitment to free market principles, including open and competitive economies, expanded trade, and increased investment and capital flows," the spokeswoman said.

    EU leaders agreed in Brussels on Friday to coordinate their economic policies as the financial crisis is pushing the European economy into recession.