Κυριακή, 16 Νοεμβρίου 2008

Medvedev proposes reform of global finance system


WASHINGTON, November 15 (RIA Novosti) - Russian President Dmitry Medvedev called on Saturday for the reorganization of the global financial system, including the establishment of an international regulatory commission, a presidential aide said. "To make the process of reform as effective as possible, the president suggested the creation of an international commission of independent, influential experts - financial gurus," Arkady Dvorkovich told journalists at the G20 summit in Washington. He said the first part of the summit had been completed, with 14 people, including Medvedev, having had their say. "The key aspects he [Medvedev] drew attention to were that as regards the reasons for the financial crisis, no analogies with the past would work. This is not the Great Depression ... it's a global crisis of the 21st century," Dvorkovich said. The presidential aide said Medvedev emphasized that the present structure of the global financial security is inadequate, and that new financial institutions are needed to meet present demands. "The system of the international financial architecture will have to be rebuilt to make it open, fair, efficient and legitimate," Dvorkovich said. Medvedev also told the meeting that Russia supported the declaration due to be adopted at the end of the summit. "We back the declaration - it shows most of the problems. It takes into account all that worries us now," Medvedev told G20 leaders. Dvorkovich also told journalists that the leaders had not reached an agreement on transforming the G20 into a wider forum. "There are as yet no plans to transform the forum of finance ministers and central bank heads into a regular forum of leaders of the G20 countries," he said. The aide said this meant that the G20 should be where questions of reforming the global financial structures are decided, while the Group of Eight leading industrial countries should remain the forum for issues of world security. Dvorkovich also said the Russian president had called on G20 summit participants to help the world's poorest countries overcome the financial crisis. "It is important to work together to provide all the countries most affected by the crisis, the poorest countries, with resources through the IMF and other international and regional organizations," the aide said, adding that all the summit participants were united on the issue. Dvorkovich said the next G20 summit would be held not later than April 30, 2009. "After the first half of the summit, there is consent that global problems demand global solutions. The participants expressed the readiness to hold the next summit not later than April 30 next year," he said. The G20 comprises 19 of the world's largest economies plus the European Union.

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