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Russia’s Medvedev outlines measures for handling global crisis
Prime-Tass

EVIAN, France, Oct 8 (Prime-Tass) — Russian President Dmitry Medvedev outlined Wednesday his vision for handling the global financial crisis, ITAR-TASS reported.

“(The crisis) has been caused by some countries’ economic egoism,” he said at the World Policy Conference in the French spa resort of Evian in the run-up to a meeting with his French counterpart Nicolas Sarkozy. “As we can see, now this crisis threatens to undermine the stability of global (economic) development.”

Medvedev named five principles for tackling the crisis.

The first principle involves reforming both national and international financial regulators and creating new ones, he said.

Medvedev said he believed the U.S.-centered unipolar international financial system had been discredited and called for creating a multipolar system.

“Second, the grave misbalance between the volumes of financial instruments (traded on financial markets) and the actual yield of investments should be eliminated,” Medvedev said. “Competition has led to the creation of financial bubbles and public companies are becoming less responsible to their shareholders.”

The third principle envisages strengthening risk management mechanisms, Medvedev said.

“The risk management system should be strengthened,” he said. “Every market participant should always share risk and responsibility. There should be no illusions about indefinite growth of any asset prices.”

Fourth, information disclosure should be made as complete as possible and oversight over rating agencies and auditors should be tightened, Medvedev said.

The fifth principle involves removing restrictions on trade and movement of capital, he said.