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Putin states replacement of post-Bretton Woods system based on dollar

"Our common task is to give these inevitable changes and transformations a civilized character," the Russian president stated

KAZAN, October 24. /TASS/. Russian President Vladimir Putin has pointed to natural changes in the world economy, which include the termination of the US dominance.

It is important to give this transformation a "civilized character," the president said at the BRICS Plus/Outreach meeting.

"Now the situation in the world economy is naturally changing. I want to say this and emphasize it - naturally. Our common task is to give these inevitable changes and transformations a civilized character," Putin replied to Bolivian President Luis Arce, who mentioned the Bretton Woods system in his speech.

The Russian president recalled that the Bretton Woods system once formed the basis of the international financial architecture. "Let me remind you, at that time, the stability of the dollar was ensured, among other things, by its linkage to gold. But then the Jamaica Accords occurred, detaching the dollar from gold, and now the only guarantee of the stability of this world currency is the stability of one economy - the US economy, along with its power and dominance in the world," the Russian leader pointed out.

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