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Putin calls to create system of multiple reserve currencies

September 08, 2012, 14:08 UTC+3
The Russian president said he favored the idea of using the Russian rouble as a reserve currency
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VLADIVOSTOK, September 8 (Itar-Tass) —— Russian President Vladimir Putin calls on world economies to create the system of multiple reserve currencies in order to get rid of excessive derivatives and secure discipline and stability of global finance.

“If we want to get rid of excessive derivatives, to toughen discipline and secure stability of global finance, we must make use of many world reserve currencies,” Putin said on Saturday at a meeting of APEC leaders with members of the APEC Business Advisory Council.

Putin spoke about Russia’s initiatives in the areas of regional integration, logistics chains, food security, innovation and finance.

A roundtable meeting of the Finance section was attended by leaders of the delegations from Mexico, Papua New Guinea, Malaysia, and China. The Russian president stressed that the global financial system must have more than one points of rest. “Since if there is only one global reserve currency, the issuer of this currency will always be tempted to use it in its own interests, which in the long run might harm the issuer distorting the fundamental principles underlying the smooth operation of the global financial system,” Putin said. At the same time, he admitted that steps along this path are to be cautious to avoid harm to anyone.

In this context, he said that possibilities of the APEC countries might be used. “It implies hard and complicated work but I am sure it would be right to create such currency centres. Especially here. Why? Because here the United States as the key issuer is also involved in these efforts, because it is possible to find such ways of joint activity that would damage nothing but create new possibilities for the stabilization of the global economy,” Putin stressed.

Addressing the APEC CEO summit on Friday, the Russian president said he favored the idea of using the Russian rouble as a reserve currency. “We hear more and more statements about reserve currencies,” he said. “The rouble can claim for the role of reserve currency. The rouble is used more and more frequently in the settlements in the former Soviet republics.”

“The possibilities for the use of regional currencies should be expanded as well,” Putin stressed. “This will build up the international financial system.” At the same time, he noted that “administrative state efforts alone are not enough.” “To strengthen the currency, its stability, the macroeconomic stability, outstripping rates of economic development should be ensured,” he stated.

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