23/10/2014 12:02
RIA Novosti

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Russia urges creation of new international monetary control system

Participants at the G8 summit
03:42 27/06/2010

Russia called on the participants at the G8 summit to consider the creation of a new international monetary control system, which could help prevent further crises, an aide to Russian President Dmitry Medvedev said.

Arkady Dvorkovich told journalists on Saturday that the introduction of additional reserve currencies would be the best measure that could assure global financial stability. Another possible step is increasing the role of Special Drawing Rights, a "quasi currency," which the International Monetary Fund allocates to nations allowing them to increase their foreign exchange reserves without money being borrowed or lent.

Besides this, Dvorkovich said, nations should discuss their monetary policies with each other. Such consultations could "increase the stability of the international currency system" and become a "serious element" of a new financial control system, he said.

According to Dvorkovich, French president Nicolas Sarkozy said during the talks that countries should prevent attacks on national currencies, but made no concrete proposals.

The Russian president's aid said the issue would be raised during the G20 summit in Toronto on Sunday.

HUNTSVILLE (CANADA), June 27 (RIA Novosti)

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RIA NovostiParticipants at the G8 summitRussia urges creation of new international monetary control system

03:42 27/06/2010 Russia called on the participants at the G8 summit to consider the creation of a new international monetary control system, which could help prevent further crises.>>

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