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Medvedev says US era over

Posted by smeddum on October 3, 2008

Medvedev says US era over
Lyubov Pronina and Lucian Kim BusinessDay

ST PETERSBURG — Russian President Dmitry Medvedev said yesterday the global financial crisis showed that the time when “one economy, one currency” dominated the world economy was over.

“Recent events confirmed that no single economy, no matter how powerful it is, can serve as a megaregulator” of the world economy, Medvedev said, referring to the US. He spoke at St Petersburg State University during the eighth annual Petersburger Dialog, a forum devoted to developing Russian-German relations.
He also called for expanded talks on the global financial situation. “If we’re going to discuss these extremely complex issues, we need to do so not just within the Group of Seven or even the Group of Eight,” he said. “We must include other major countries.”
The Russian government has pledged more than $150bn in loans, tax cuts and delayed tax payments to support banks and companies after investors pulled their money out of Russia in the wake of a five-day war with Georgia in August, a drop in commodities prices and the seizure of global capital markets after the bankruptcy of Lehman Brothers in the US.
German Chancellor Angela Merkel, in St Petersburg for the symposium and to hold talks with Medvedev, said yesterday the “global architecture of international co-operation” was not sufficient. She said existing institutions were inadequate to solve problems ranging from security to the global financial crisis.
“Germany will always support a multilateral approach,” she said.
Meanwhile, Russia will stage its largest military exercises since the 1991 collapse of the Soviet Union.
The supersonic TU-160 nuclear bomber will test fire unarmed missiles all along Russia’s Far East border from China up to Alaska next week and in November the nuclear-powered Peter the Great submarine will join war games in the Caribbean with the Venezuelan navy.

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