Putin: We must end monopoly in world finance

The Russian Prime Minister, Vladimir Putin, has called for a complete overhaul of the world’s financial system in order to guarantee stability and ensure progress. He was speaking in Astana in Kazakhstan.

The organisation, which comprises Russia, Kazakhstan, Kyrgyzstan, China, Tajikistan and Uzbekistan, is widely seen as a counter-weight to NATO's influence in Eurasia. It is primarily concerned with security issues. This time, however, the sides are discussing how to develop social and economic cooperation.

At the beginning of his speech at the SCO Council of Prime Ministers, Vladimir Putin stressed the role the SCO countries should play in the changing world political and economic landscape.

“We now clearly see the defectiveness of the monopoly in world finance and the policy of economic selfishness. To solve the current problem Russia will to take part in changing the global financial structure so that it will be able to guarantee stability and prosperity in the world and to ensure progress,” he said.

He also named projects in transportation, telecommunications and modern technology as priorities of the SCO and spoke in favour of mutual space programmes.

While in Kasakhstan, the Russian prime minister is also expected to discuss the formation of a customs union between Russia, Belarus and Kazakhstan with Kazakh leader Nursultan Nazarbayev.