Monday, March 16, 2009

Russia unveiled its plan to reform the world economy.

Russia published its proposals for reforming the world economic system in crisis. This is stated in the materials to the summit of "Big twenty" (G20), located on the official website of the President of Russia.
The document states that the global financial system should be reformed in several ways, including through the development of a diversified system of reserve currencies, and financial centers, creating a risk management system and multi-device world economy.
The Russian side proposes to stimulate demand in times of crisis in a way that does not adversely impact on the long-term sustainability of the economy, including low inflation, low fiscal deficits and public debt levels. In addition, Russia offers the International Monetary Fund (IMF) or a special group of G20 to consider expanding the list of reserve currencies, as well as the creation of supra-national reserve currency. Issuance of the last may be the international financial institutions.
Russia is also in favor of the revision of the role of the IMF, whose resources must be significantly increased. Remember, March 14, finance ministers at their meeting of G20 in the outskirts of London approved the expansion of IMF resources, as well as the increase of capital the Asian Development Bank.
The Heads of States' Big twenty "hold on 2 April summit in London to discuss ways to break the world economy from the crisis. According to the Russian side, of the meeting must be convened an international conference for the adoption of agreements on a new global financial order.

No comments: