Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israel warning

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

Business

Putin urges 'mutual trust' to fight economic gloom

©

Video by James CREEDON

Latest update : 2009-01-29

The annual World Economic Forum has convened in Davos, Switzerland. Russian PM Vladimir Putin urged the world to avoid sliding into 'economic selfishness' and called for a mutual trust with the West to fight the global economic downturn.

Read more: Can Davos stem the crisis?

 

 

REUTERS - Russian Prime Minister Vladimir Putin, striking a conciliatory tone towards the West, decried militarisation and called on Wednesday for "mutual trust" to fight the global economic crisis.
 

Putin, who presided over a big increase in defence spending in his previous post as president, told the World Economic Forum that militarisation was not the answer to the problems posed by the financial crisis.
 

"We are against spending more money on military efforts," he told delegates in a speech broadcast live on television. "We have to make international relations less dangerous ... and we must continue with disarmament measures".
 

Shifting away from the harsh rhetoric he has used in the past against the United States, Putin instead spoke of "our partners in America" and said Moscow believed Washington was interested in "collaborating in joint, constructive work".
 

Following Russia's war with Georgia and a series of corporate woes last year, investors dumped Russian stocks, making the country's markets among the world's worst performing. Putin suggested Moscow wanted to win them back.
 

"We will keep up the policy of openness to foreign investment," Putin said. "We are convinced that those who create attractive conditions for global investment today will become the leaders in restoring the world economy."
 

The Russian premier, who still dominates government at home despite leaving the Kremlin in May, did not announce any specific measures to flesh out his words.
 

Much of his speech was dedicated to analysing the world financial crisis, which Putin likened to a "perfect storm".
 

The world should not depend excessively on a single reserve currency, he said. Instead, he favoured the appearance of
several strong reserve currencies with more transparency surrounding their economic policy.
 

Russia has previously called for the rouble, which is not yet fully free floating, to be made a regional reserve currency but Putin did not refer specifically to this initiative.
 

His speech was short on specific measures but the premier did repeat Moscow's calls for a rethink of the role of international institutions to develop a new, more effective architecture for the world economy.
 

"So that the unipolar world does not become a world of chaos
and uncertainty, the system of global regulators based on
international law ... must be strengthened," Putin said.
 

"That is why it is so important to rethink the role of leading international organisations and institutions."
 

Putin said that "fundamental asset values" should form the basis for reform of the world's accounting and audit standards, as well as ratings agencies.
 

He also warned against the "blind belief" that increasing the role of the state in the economy would resolve all the problems created by the crisis.
 

Russia has been using state money to prop up the banking system and to bail out key companies during the crisis.
 

The Russian premier acknowledged that the financial crisis had affected his country "in an extremely serious way" and said it had exposed some key weaknesses: excessive dependence on production and exports of raw materials and a weak financial market.

 

Date created : 2009-01-28

Comments

COMMENT(S)