OREANDA-NEWS. October 31, 2008. Mr Medvedev began by congratulating the Government and Finance Minister Alexei Kudrin on the State Duma’s adoption of the 2009-2011 federal budget.

In his remarks at the meeting, the President set out his proposals for reforming the international financial system. They include giving the international financial institutions greater legitimacy and making them more effective, something he said would require new international agreements; reinforcing the international financial system’s overall stability by developing multiple financial centres and reserve currencies; putting in place a risk-management system based on common standards and the use of modern technologies; developing a system of incentives to encourage rational behaviour on the part of financial market participants. 

Mr Medvedev recalled that Russia had predicted the financial difficulties on the global market and warned about the negative potential that had built up in the American financial system and that has now transformed into a full-scale international financial crisis. The President said it was regrettable that discussions of this issue at the G8 summit in Japan in July did not result in any decisions being taken.

Taking part in the meeting were First Deputy Prime Minister Igor Shuvalov, Deputy Prime Minister and Finance Minister Alexei Kudrin, Presidential Aides Arkady Dvorkovich and Sergei Prikhodko, Foreign Minister Sergei Lavrov, Economic Development Minister Elvira Nabiullina, and Chairman of the Central Bank Sergei Ignatiev.