Russian President calls for creating new int'l currency system
www.chinaview.cn 2009-04-01 05:10:51   Print
 
Medvedev called Tuesday for creating an new international currency system ahead of the G20 summit.
"The current system is not ideal," Medvedev said.
"We cannot develop in the next 10 years if we do not create a new new systems," he added.

    BERLIN, March 31 (Xinhua) -- Russian President Dmitry Medvedev called here on Tuesday for creating an new international currency system ahead of the G20 summit in London.

    "We should think about creating a new currency system," Medvedev said at a joint press conference after he held talks with German Chancellor Angela Merkel in Berlin.

Russian President Dmitry Medvedev called here on Tuesday for creating an new international currency system ahead of the G20 summit in London.

German Chancellor Angela Merkel (L) and visiting Russian President Dmitry Medvedev attend a news conference in Berlin, capital of Germany, March 31, 2009. Dmitry Medvedev, arrived in Berlin on March 31, called for creating an new international currency system ahead of the G20 summit in London. (Xinhua/Luo Huanhuan)
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    "The current system is not ideal," he said.

    "We cannot develop in the next 10 years if we do not create a new infrastructure including new (currency) systems," he added.

    Earlier this month, Russia announced an ambitious proposal to overhaul the entire global financial order and even introduce a new supra-national currency to avoid future global financial crisis.

Russian President Dmitry Medvedev called here on Tuesday for creating an new international currency system ahead of the G20 summit in London.

German Chancellor Angela Merkel (L) and visiting Russian President Dmitry Medvedev attend a news conference in Berlin, capital of Germany, March 31, 2009. (Xinhua/Luo Huanhuan)
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    "We need to build a foundation for our future work, and ensure that such crises do not happen again," Medvedev said.

    "We cannot turn our work into just a set of narrow solutions --add some money here, extend something's function there, and say everything's fine... I believe that this approach is wrong. We need an entirely new construction," he added.

    Both Medvedev and Merkel are heading to London for the G20 summit, which is aimed to explore the remedies for the global economic downturn and restore confidence.

    Merkel chimed with the idea by saying that Germany and Russia share some common ground in their approaches to tackling the financial crisis.

    "We hope we hold similar positions as we head for London," she added.

    Merkel said the G20 summit, to convene on April 2 in London, had to make clear decisions on a new financial architecture.

    "It is clear that decisions on the new financial architecture must be made," she said.

    Medvedev stressed that the global financial organizations -- the International Monetary Fund and the World Bank -- were created more than 60 years ago, under entirely different global conditions.

    "We need to think about how to give them the status of modern, vital institutions," he said.

    Medvedev warned against protectionist measures adopted by some countries in fighting the ongoing crisis.

    "Primitive, senseless protectionism that could lead to the closure of markets, trade wars, and the emergence of high walls between countries must be prevented during this period," he said. 

Backgrounder: Russia to propose new financial architecture, reserve currency at G20 summit

    LONDON, March 31 (Xinhua) -- Russia will put forward a set of proposals, including discussions on a global reserve currency, at the upcoming G20 summit in London.

    The proposals come as Russia believes the current global economic crisis has demonstrated a need to abandon traditional approaches.  Full story

Nobel Laureate Stiglitz calls for new global reserve currency system

    UNITED NATIONS, March 26 (Xinhua) -- Nobel Prize-winning economist Joseph Stiglitz Thursday called for a new global reserve system to replace the US dollar as the world reserve currency.

    "There is a growing consensus that there are problems with the dollar reserve system," Stiglitz told a press conference in the UN headquarters, saying that economists have been discussing the weaknesses of single-currency reserve systems for decades.  Full story

China central bank governor suggests creating super-sovereign reserve currency

    BEIJING, March 24 (Xinhua) -- Zhou Xiaochuan, governor of China's central bank, has proposed to create a super-sovereign reserve currency as part of reform in the international monetary system.

    The desirable goal of the international monetary system is to "create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies," he said.  Full story

Editor: Mu Xuequan
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