Russian President Vladimir Putin has said that the control of the world economic system by a few developed countries is outdated; it is necessary to establish a new world economic order to reflect the growing role of rapidly developing emerging nations.
He made the remarks on Sunday at the St. Petersburg International Economic Forum wherein participated 9,000 delegates from sixty-five countries and regions.
Putin said 60% of the world's GDP was produced by nations not within the Group of Seven leading nations-the United States, France, Germany, Britain, Japan, Italy and Canada.
"Stable economic development demands the creation of a new architecture of international economic relations based on trust and mutually beneficial integration," Putin asserted. He noted that in the new world economic system, developing countries and newly emerged economic entities should have more of a say.
Putin also questioned the current financial system. He stressed that while the economies of most developing countries develop steadily, the world financial system only connects with certain currencies at only a few financial centers. This cannot meet the demand of long term global economic development. "There is only one possible response to this challenge: the creation of several international reserve currencies and more financial ...   more »