Financial crisis to feature on Medvedev’s State-of-nation Address
Addressing a meeting of top government members overseeing economic and financial issues in the Russian Cabinet ahead of the upcoming G20 summit on the crisis in Washington in November, President Dmitry Medvedev said the current global financial crisis and its consequences on the domestic and global economies will feature prominently in his first state-of-the-nation address slated for on November 5. “The global financial system reform is a very complicated issue that should be raised. I will pay attention to it in my address,” he added.
The president noted that Russia had long warned about the huge negative potential accumulated in the U.S. financial system, but no decisions to preempt the crisis were taken by the industrialized nations, as not all the leaders then had agreed that a global crisis was imminent. “The G8 Summit in Japan only voiced the necessity of dealing with the problems, but some of my colleagues simply said everything was fine.”
Some of the key proposals on the Russian president’s agenda both for the state-of-the-nation address to the Russian parliament and later at the Washington conference on global financial crunch will include measures to enhance the stability of the global financial system, diversification of the global financial centers and foreign reserve currencies.
Others include the establishment of an advanced risk-management system, that will be adequate to modern technologies and challenges, rather than the principles based on the historical Bretton Woods Agreement, increasing the legitimacy of institutions, in other words, the legislative bases regulating all the international global financial institutions, etc.
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