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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (296846)	3/17/2009 8:16:14 PM
From: FJB	Read Replies (2) of 793928

Russia for global financial reforms Vladimir Radyuhin hindu.com MOSCOW: At the coming G20 summit in London, Russia will push for sweeping global financial reforms designed to weaken U.S. dominance and replace the dollar with a new “super-national reserve currency.” Russia’s proposals for the April 2 summit blamed the current global economic crisis on a “collapse of the existing financial system” due to poor management and basic inadequacy and called for dismantling a “unipolar” world economic order. “The obsolescent unipolar world economic order should be replaced by a system based on the interaction of several major centres,” said the six-page document posted on the Kremlin website on Monday. The document proposes the creation of “a supra-national reserve currency,” the role the U.S. dollar has played so far. “It seems appropriate to consider the role of the IMF in this process and also to assess the possibility and the necessity of taking measures which would enable special drawing rights to become a supra reserve currency accepted by the whole of the international community,” said the Russian plan. Russia has stressed the need to increase the role of governmental and supra-national financial market regulators and adopt international standards for macroeconomic and budgetary policies that would be “mandatory for the leading world economies, including reserve currency emitters.” Russia has proposed hammering out the principles for a new global financial system at a post-G20 international conference. Russian President Dmitry Medvedev on Sunday called for international control over irresponsible decisions of individual countries that disrupt world finances. “Problems that occur in one state should not create a severe domino effect, when someone issues a huge amount of mortgage loans and it infects the entire global economy,” he said. “We must have mechanisms to influence decisions taken by our partners and to prevent such negative fallout,” he said in a TV interview.

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