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Ruble Suggested as Reserve Currency
Russian President Dmitry Medvedev thinks the existing financial system is ineffective and is suggesting making the ruble a reserve currency. He expressed his opinion to journalists at the G8 summit in Hokkaido, Japan. Medvedev said that the world financial system was discussed at today’s meeting of world leaders and that it was declared at that session that the system today does not satisfy G8 and other world leaders.
“We discussed the possibility of bringing the goals and operating methods of existing financial institutions into correspondence with the realities of the day,” Medvedev explained. “The situation with the rather weak dollar and strong, growing euro does not suit our partners. We must advance the idea that was expressed of turning the rubles into one of the reserve currencies.” Vladimir Putin spoke about making the ruble a reserve currency during his presidency. At present, in the opinion of speaker of the Russian Federation Council Sergey Mironov, the ruble is in the process of becoming a regional reserve currency in the CIS.
During the meetings between leaders of the G8 countries, it was decided to establish special funds for the solution of problems connected with the food crisis. Medvedev said that Russia proposed a summit of G8 agriculture ministers and hold a “grain summit,” where the “causes and effects of the growth of prices for grain and the stabilization of prices” on the food market could be discussed. The Russian president noted that the G8 leaders agreed to exert influence over the food crisis and to convert to biofuel of the second generation.
www.kommersant.com
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