Monday, February 09, 2009

G20 to draft new world economy rules by April summit - Kudrin

09/02/2009 14:51 MOSCOW, February 9 (RIA Novosti) - Measures to adapt the world economy to new challenges amid the global financial crisis could be prepared before the G20 summit in April, Russian Finance Minister Alexei Kudrin said on Monday.

The summit of the G20 Group of industrial nations and leading emerging-market economies will be held on April 2 in London to discuss specific measures aimed at resolving the ongoing global financial crisis.

"The point at issue is the adoption of new accounting, auditing and banking reporting rules," Kudrin said, adding that Basel II Accord reporting rules had to be improved.

Kudrin also said it was necessary to introduce uniform financial standards aimed at maintaining macroeconomic stability.

Kudrin said Russia was in constant discussion with the financial authorities of leading economies and taking efforts to join as soon as possible the Financial Stability Forum, which is designed to play a key role in shaping a global financial architecture.

"These issues will be raised at the G8 summit of financial ministers in Rome to be held this week," Kudrin said.

The Financial Stability Forum (FSF) was established in 1999 to promote international financial stability through information exchange and international cooperation in financial supervision and surveillance.

The FSF comprises central banks, supervisory authorities and treasury departments of leading economies and international financial institutions.


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