Speaking to a forum of international investors in St Petersburg, President Dmitry Medvedev said the US economy was incapable of redressing the international economic crisis alone and offered to host a global conference in Moscow on the issue.
In a keynote speech to
“No matter how big the American market and no matter how strong the American financial system, they are incapable of substituting for global commodity and financial markets,” Medvedev told the St Petersburg International Economic Forum.
Medvedev, sworn in last month, said world institutions had proved unable to cope with the challenges from volatility on world markets, including soaring commodity and food prices.
With its past as a grain exporter,
“I propose holding a representative international conference involving the heads of the biggest financial companies and leading financial analysts...as early as this year,” Medvedev said.
The world lacked liquid investable assets because of disappointment with the U.S. dollar and needed alternatives, he added.
The Russian leader also said that recent Kremlin moves to liberalise the domestic gas market and reduce taxes on the oil sector would help stabilise global energy markets.
Date created : 2008-06-07