Russia's overall plan to deal with the international financial crisis is intended to fight for the right to speak.
On March 17, Dongfang.com, the official website of the Russian Kremlin published a series of Russian suggestions for the G20 financial summit in London, which can be called a "road map" for the reform of the international financial system.
The day before, Russian President Dmitry Medvedev called for the establishment of a more just international financial system, and hoped that this initiative would be echoed at the G20 financial summit. The above measures show that Russia hopes to gain a certain voice in the process of building a new international financial order.
At present, the global international financial crisis shows no signs of "bottoming out". Russia's economic operation depends largely on the export of oil and natural gas, so the sharp drop in the prices of oil and other energy products caused by the financial crisis has had a great impact on the Russian economy. Russian Deputy Prime Minister and Minister of Finance Kudrin said in an interview with reporters not long ago that the Russian economy will probably go backwards for five years due to the international financial crisis. From a painful experience, Russia believes that the main cause of the international financial crisis with serious consequences is that the existing international financial order has serious drawbacks, and it is necessary to carry out reforms and build a new international financial order.
It is reported that the main contents of Russia's proposal to the G-20 financial summit in London involve the principles of establishing a new international financial system, ways to reform the international financial system and suggestions for implementing macro-control and financial supervision. Russia calls for the establishment of a "stable, predictable and effective" international financial and monetary system to ensure the normal operation of the world economy under the conditions of globalization.
The Russian side stated in the proposal that the principles of establishing a new international financial system include: unifying national and international financial supervision and control mechanism standards, extensive participation and responsible decision-making process, effectiveness of legalization based on international coordination mechanism, transparency of actions of all participants and fair risk sharing.
In the proposal, Russia also advocates making a convention to increase the legitimacy and effectiveness of the international supervision mechanism, consolidating the stability of the world financial system through the diversification of reserve currencies and financial centers, establishing a modern risk management system, and establishing a system to regulate the behavior of financial market participants.
Analysts have noticed that the construction of a new international financial order and the diversification of financial centers have been highly concerned by Russian leaders since the financial crisis. Medvedev pointed out a few days ago that the international financial crisis shows that the current international financial system is not perfect. At present, the time is ripe for the reform of international financial institutions such as the International Monetary Fund and the World Bank. Medvedev also said that international financial institutions should treat emerging economies including Russia more fairly. Russian Prime Minister Vladimir Putin approved the development strategy of Russian financial market before 2020 this year 1 month. One of the goals is to build Moscow into a world financial center like London and new york, so as to improve the competitiveness of Russian financial market. Although in the current situation, the indicators set by this development strategy seem a little too high, it fully shows Russia's expectation of building a new international financial order and its determination to win more initiative in this financial crisis.
As a world energy power and an important developing and emerging economy, Russia can play an important role in coping with this international financial crisis. On the eve of the G20 financial summit in London, Russia put forward a series of proposals to build a new international financial order, and actively expounded Russia's relevant positions and viewpoints, trying to gain more initiative and voice on this issue and create conditions for the Russian economy to get out of the predicament and develop in the future.
I hope to solve the problem at an early date