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17 Mar, 2009 13:06

Russian government forwards G20 economic proposals

Russian government forwards G20 economic proposals

The Russian Government has put forward its suggestions for re-building the world financial system, which it wants discussed at next month's G20 Summit in London.

It suggests ways to reform the current financial system including the creation of global regulatory standards. Also on the agenda will be preparing international financial institutions to better deal with any future crises, whilst ensuring future growth is energy efficient

Yaroslav Lissovolik of Deutsche bank says Russia's anti-crisis proposals are aimed at creating a multi polar financial world.

“The main thrust of these proposals is really to take advantage of the changes in the world economy, in such a way as to transform the economic balance of power, if you will, and the balance of power in terms of decision making within global institutions towards something more multi polar, more diversified. At the same time, I think there needs to be also some attention paid to issues of protectionism. Some of these issues relating to protectionism, especially in the investment sphere, I think would need to feature more prominently in Russia’s proposals.”