Time ripe for G20 to reform world currency structure- Medvedev
PTI | 02:10 PM,Oct 20,2010Deauville, Oct 20 (Itar-Tass) Russian President Dmitry Medvedev believes that for the G20 time is ripe to move forward in reforming the monetary and financial structure of the world. He made a statement to this effect at a press conference following the Franco-German-Russian summit in Deauville, France. "When the G20 began its activities, I realized that we would be unable to avoid answering this question - what will our monetary system be like in the coming years," the Russian president said. "Yes, objectively there are states that believe the Bretton-Woods institutions have not exhausted themselves, that there is nothing else to offer, and that everything will be OK. But nobody is claiming that the Bretton Woods institutions should not be destroyed." "The question is what sort of financial and monetary system there will be for the next 20-30 years," said Medvedev."Is what we agreed on in the mid-20th century will be enough? No, it is not enough. We need to agree on this issue." "And in general, for the G20 twenty time is ripe to do something definite. I mean, unconditional basic agreements," said the Russian president. "And for the G20 it must be a question of the structure of the monetary and financial system." "Yes, we have begun to reform the IMF and the World Bank, we have moved forward," admitted Medvedev, adding that the G20 was a good format, which brought many useful things, especially in crisis times. "But now we need to achieve a final result," he says."During the French presidency of the G20 this could be one of the most significant themes, as well as the topics of more reserve currencies and, perhaps, creation of a global reserve currency," Medvedev said. Federal Chancellor Angela Merkel pledged that "Germany will support France during its presidency of the G20 in terms of constructing a monetary architecture. "In the discussions we see that the issue of currencies and exchange rates is one of the main threats of protectionism, and we will do everything to achieve greater transparency at the international level," said Merkel.(Itar-Tass)
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