LAQUILA, Italy, (Reuters/AFP) - World leaders signalled the demise of the Group of Eight wealthy nation club on Friday, saying only a forum that included the major developing economies could legitimately take important global decisions. The G8 is made up of wealthy northern hemisphere countries, but problems such as global warming and the economic crisis have revealed its limitations. The US President also said G8 leaders are seriously concerned about the appalling events surrounding Irans election and deeply troubled by the risk its nuclear programme poses to nuclear proliferation. One thing that is absolutely true is that for us to think we can somehow deal with some of these global challenges in the absence of major powers like China, India and Brazil seems to be wrongheaded, US President Barack Obama told reporters, signalling support for the expansion of the group to include major emerging economies, streamlining the international system and reducing the number of summits. The US leader was speaking on the final day of the summit of the worlds richest nations in Italy at which leaders from developing countries represented in the larger G14 lobbied to be included in future in the core groups economic policy decision making. And my expectation is that over the next several years youll see an evolution and well be able to find the right combination. The one thing I will be looking forward to is fewer summit meetings, he said. Italian Prime Minister Silvio Berlusconi said he thought this new grouping would become the dominant international talking shop. As far as I am concerned the G14 is the format that in the future will have the best possibility to take the most important decisions on the world economy, and not just that, he said. French President Sarkozy also backed the G14, which represents roughly 80pc of the global economy. We will put the G14 in place in 2011 when France chairs the G8, he said. Canada said it would try to create a broader forum, but added that it wanted to see the wealthy nation club survive - a hope echoed by German Chancellor Angela Merkel. There are issues, for which the G8 is the appropriate body in our view, she said. Also jostling for prominence on the world stage is the much broader G20, which came to the fore last year to tackle the financial crisis. Merkel said she thought this would be a crucial body in the future and expected a decision within the next year. But Berlusconi said it was too unwieldy. When more than 15 people sit around a table you have a problem with discussions and debate. There isnt the possibility for direct contact or to interrupt, so it becomes formal and static, he said. Talking to reporters, Obama said G8 leaders will not wait indefinitely to allow Iran to develop a N-weapon. He said he hoped Tehran would recognize after the summita that world opinion is very clear. Our Monitoring Desk: Obama said Iran faces a September deadline to show good-faith efforts to halt its nuclear weapons program, and said the statement issued by the worlds leading industrial nations meeting here this week means the international community is ready to act, reports The Washington Times. Obama raised expectations for a September international summit in Pittsburgh, saying the invited nations will take stock of whether Iran has complied with int'l demands over its nuclear programmes.