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Medvedev: Russian, EU Share Common Views on Financial Crisis

Russia and the European Union (EU) share some common views on the current international financial crisis, said President Dmitry Medvedev on Thursday.

Speaking at the EU-Russia investors forum held in Cannes in southeast France, Medvedev said Russia has reached consensus with the EU on issues such as the cause and nature of the ongoing financial crisis.

The two sides also shared similar views on the reforms of the international financial system and the lessons the world should learn after the crisis, with only some "minor" differences, he added.

Medvedev said reforms are crucial to the current international financial system, as well as multilateral financial organizations such as the International Monetary Fund and the World Bank.

In an interview with the French daily Le Figaro, Medvedev said he has already conveyed Russia's suggestions on how to tackle the crisis to some other state leaders, including French President Nicolas Sarkozy, Italian Premier Silvio Berlusconi, German Chancellor Angela Merkel and British Prime Minister Gordon Brown.

He said the world should hammer out a long-term effective plan to stabilize and reform its financial system, laying down fundamental principles for a new Bretton Woods System, which includes new international credit institutions and revised risk security schemes.

EU leaders gathered last week in Brussels to coordinate their position before going to Washington for the G20 summit slated for November 15.

During the G20 summit, the EU is expected to propose five specific objectives so as to push for an overhaul of the global financial system, including increased transparency in financial markets, reforms to international financial organizations, compulsory registration and monitoring of credit rating agencies, new codes of conduct to prevent bank managers from taking excessive risks, and harmonization of international accounting and bank capitalization rules.

(Xinhua News Agency November 14, 2008)

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