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    Medvedev says G20 close to agree on future global financial system

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    Members of the Group of Twenty richest nations (G20) practically agreed on the outline of the future global financial system even before the start of the summit in Pittsburgh, the Russian president said on Friday.

    PITTSBURGH, September 25 (RIA Novosti) - Members of the Group of Twenty richest nations (G20) practically agreed on the outline of the future global financial system even before the start of the summit in Pittsburgh, the Russian president said on Friday.

    The G20 summit on September 24-25 focuses on steps to overcome the global economic crisis.

    "We will most likely have some closure on this issue already here in Pittsburgh. Many positions which deal with the future outline of the global financial system, including the long-disputed and complex issues of quotas distribution for different countries, have been practically agreed upon," Medvedev said in an address to students and professors at the University of Pennsylvania.

    He said the creation of a new global financial system will be a joint and coordinated decision which brings optimism about future approach toward tackling global economic crises.

    "I hope that with this approach we will be able to foresee and may be even prevent in the future the events like the harsh crisis that has hit the global economy and national economies," Medvedev said.

    The Russian leader said the discussions on this issue started at a G20 April summit in London, and suggested that the decisions, which were taken at that time, had contributed to the improvement of the global economy.

    Prior to his trip to the U.S. to attend the G20 summit, Medvedev warned that it was too early to speak about an end to the current global economic crisis and urged the G20 to quickly make practical steps in the reform of the global financial system.

     

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