Russia suggests the G20 summit in London in April should start
establishing a system of managing the process of globalization and
consider the possibility of creating a supra-national reserve currency
or a “super-reserve currency.” The Russian Federation’s proposals for
ways out of the ongoing financial and economic crisis and for a
post-crisis order of the world financial system have been published on
the Kremlin’s website. The proposals have been dispatched to the
leadership of the G20 countries, the CIS and international
organizations.

“The current global economic crisis points to the need for
discarding standard approaches and requires the adoption of collective
decisions, agreed at the international level and geared to creating a
system of globalization process management,” the document says. Russia
suggests “acting with the maximum resolution in order to restore
sustainable economic development and also confidence and stability in
the financial markets.”

The Russian side believes the summit should seek and achieve accord
on the main parameters of a new world financial system. It suggests
calling an international conference that would produce the basic
parameters of a world financial architecture and adopt international
conventions regarding a new financial world order.

Russia
believes that the “obsolete mono-polar structure of the world economy
should give way to a system based on cooperation by several major
centers.”

In the sphere of control and supervision Russia suggests drafting
and adopting an international agreement setting global standards of
control and supervision in the financial sector – a Standard Universal
Regulatory Framework (SURF).

Russia calls for reforming the international currency and financial
system with the aim to strengthen its stability and control. In that
connection the Russian side suggests discussing the possibility of
expanding the list of currencies to be used as reserve ones, on the
basis of the adoption of agreed measures to stimulate the development
of major regional financial centers, and also “the creation of a
supra-national reserve currency that will be issued by international
financial institutions.”

“It looks expedient to reconsider the role of the IMF in that
process and also to determine the possibility and need for taking
measures that would allow for the SDRs (Special Drawing Rights) to
become a super-reserve currency recognized by the world community,” the
document says.

Also, Russia in the medium and long-term is for a revision of the
role and mandate of the IMF in order to adjust both to a new structure
of the world currency and financial system, whose modification is to be
completed as a result of the current crisis.

For the purpose of overcoming the current crisis it will be necessary to considerably increase the resources of the IMF.

“The decisions we shall make at the London summit must be not only
adequate to the current situation, but also meet the requirements of a
new, post-crisis world,” the document says.