Russia Bids to Topple Cash System
Russia has unveiled radical plans for sweeping global financial reforms designed to weaken US dominance and consign an ''obsolescent'' world economic order to the past.
The Kremlin said in a six-page document addressed to the upcoming Group of 20 summit in London the downturn was the result of a collapse of the existing financial system due to poor management and inadequacy. It said the crisis showed the need to abandon traditional approaches and adopt collective and globally agreed decisions aimed essentially at developing a globalisation process management system.
The document spelled out five principles on which a ''new international financial architecture'' should be based and offered proposals in eight specific areas for the G20 to consider, including reform of the international monetary and financial system, reform of the system's institutions and tightening international regulation and financial supervision. Russia said the London summit should agree on ''parameters'' of a new financial system but should be followed by an international conference to adopt conventions on new regulations. AFP
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