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Presidential aide outlines Russia's proposals for G20 summit
RIA Novosti

Moscow, 30 March: At the London G20 summit on 2 April, Russian President Dmitriy Medvedev is to put forward proposals for resolving the financial crisis, some of which, in one form or another, will be included in the summit's final document, Russian presidential aide Arkadiy Dvorkovich has said.

At a briefing in advance of the G20 summit in London on 2 April, he said that the president had sent his colleagues proposals for the summit several weeks ago.

"They have had an opportunity to familiarize themselves with them. Our colleagues share some ideas with us and some ideas are being discussed now. One of our aims was to initiate a discussion about some issues important for the global economy," Dvorkovich said, adding that Moscow was not counting on reaching immediate decisions.

"We believe it is important that active discussion of some key problems of the global economy's development has now started, like the currency system and the structures of international organizations. We will pursue these ideas, and the president is going to set forth this position at the summit. The proposals we sent our colleagues remain topical," he said.

The Kremlin considers three points of Russia's proposals very important: to build a more balanced and integrated system of financial sector regulation; to launch a discussion of the currency system; and to increase the resources of international financial organizations, provided they are reformed. [Passage omitted]

Speaking about the proposals to reform the system of financial regulation, Dvorkovich said that they concerned changing the standards of regulation of the banking system, financial markets, rating agencies, accounting standards and remuneration for managers.

"We see that our partners are gradually appreciating our idea to adopt many of these standards as international agreements. Not everyone is yet ready for this, since there are different regulation systems in different countries, but a motion towards this does exist," Dvorkovich said. [Passage omitted].