Russia's President Dmitry Medvedev speaks at the round table of Russia's and EU industrialists in Cannes, November 13, 2008.
Photo: Alexander Miridonov
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Crisis Stripped Global Economy Off $1.5 Trillion
The aggregate losses that the global economy has suffered as a result of the crisis amount to $1.5 trillion, Russia’s President Dmitry Medvedev announced in Cannes Thursday during the round table of Russia’s and EU industrialists.
According to Medvedev, the aftereffects of this significance signal that the global financial system, including its major institutions IMF and World Bank, should be reformed. Till the end of 2008, the president specified, Russia will pass a package of bills to set up an International Financial Center in the country.
During the G20 summit in Washington, Russia will call for putting in order and systematizing national and international regulation institutions. Russia will advocate eliminating misbalance between the amount of released financial instruments and real investment yield of the programs, call for improving transparency of public companies, the president said.
Another proposal of Russia, Medvedev went on, will be toughening supervisory requirements and increasing responsibility of rating agencies and auditing firms. And last but not least, Russia will suggest providing the universal access to benefits resulted from lifting barriers in the international trade and from free movement of money.
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