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Global economy to benefit from decentralized international financial system — Putin

This will increase the security of not only payments, but of the whole global economy as well, the president noted, adding that this will make the work in the area of economy depoliticized

MOSCOW, May 24. /TASS/. Global economy will only benefit from the formation of a de-centralized international financial system, Russian President Vladimir Putin said on Wednesday.

"It is important to coordinate joint efforts on the formation of such a new de-centralized global financial system. Of course, the stability of all global finances will largely depend on this decentralization. The more de-centralized it is the better for the global economy. It will be less dependent on crisis developments in the countries that still have such an advantage as global reserve currencies," he said at a plenary session of the second Eurasian Economic Forum.

This will increase the security of not only payments, but of the whole global economy as well, the president noted, adding that this will make the work in the area of economy depoliticized.

Russia is seeking to reduce the share of unfriendly countries’ currencies in mutual payments and planning to work even more actively with partners across the world and the EAEU (Eurasian Economic Union), particularly for a full-fledged shift to national currencies, he said. "Many other fast-developing economies in the world are also shifting to the use of national currencies in foreign trade settlements, including China, India, Latin American countries," Putin noted.