G7 finance ministers and central bank bosses are getting down to business in the German city of Dresden.
They are meeting to discuss how to revive global growth.
Although the Greek crisis is not on the official agenda, it will be discussed on the sidelines.
The United States is likely to use the talks to press Europe to reach a funding-for-reforms deal with Greece.
The threat of a Greek default, rising oil prices and bond market turmoil are helping fuel investor nervousness.
“We need to make the instruments of global cooperation even stronger,” said Wolfgang Schauble, German Finance Minister, as the Dresden talks got underway.
“The world is looking for new forms of governance that complement the nation state and balance the shortcomings of the system. No nation state can solve the major problems and challenges in our globally inter-dependent world on its own.”
Ahead of the meeting, activists campaigning for more help for poor countries, floated balloons featuring the faces of government leaders.
They say they want to see more than just “hot air” coming out of the three-day talks.