Medvedev seeks a top seat at G20
Güncelleme Tarihi:
AFP
Oluşturulma Tarihi: Mart 31, 2009 00:00
MOSCOW - Russian President Dmitry Medvedev heads to the G20 summit promoting a makeover of the global economic order designed to win Russia respect.
Ahead of Thursday's summit in London, Russia has come up with an ambitious plan to overhaul the entire global financial order and even introduce a new supra-national currency.
Medvedev even said the international community should have a say when the world's richest countries make decisions with global implications, as in the U.S. mortgage crisis.
But analysts doubt Russia's plans will get many backers among Group of 20 countries, be they established players or rising powerhouses such as Brazil, India and China.
"Global processes are under way to form new centers of economic power and it is clear Russia is not at the center of such processes," said Vladimir Osakovsky, an analyst at Moscow-based UniCredit Bank. "The Russian ideas are interesting to discuss, but hard to realize even in the mid-term perspective," he said.
Economists say that while some of Russia's ideas - such as a world currency - are unfeasible, others will fail more due to Moscow's lack of diplomatic heft. Russia is still not a member of the World Trade Organization and is sidelined at meetings of Group of Seven finance ministers.
And while Russia is among the top world energy producers, its economy is dwarfed by the United States and European Union. Part of Russia's proposals to the G20 include reform of institutions like the International Monetary Fund and the World Bank.
Medvedev even said the international community should have a say when the world's richest countries make decisions with global implications, as in the U.S. mortgage crisis.
But analysts doubt Russia's plans will get many backers among Group of 20 countries, be they established players or rising powerhouses such as Brazil, India and China.
"Global processes are under way to form new centers of economic power and it is clear Russia is not at the center of such processes," said Vladimir Osakovsky, an analyst at Moscow-based UniCredit Bank. "The Russian ideas are interesting to discuss, but hard to realize even in the mid-term perspective," he said.
Economists say that while some of Russia's ideas - such as a world currency - are unfeasible, others will fail more due to Moscow's lack of diplomatic heft. Russia is still not a member of the World Trade Organization and is sidelined at meetings of Group of Seven finance ministers.
And while Russia is among the top world energy producers, its economy is dwarfed by the United States and European Union. Part of Russia's proposals to the G20 include reform of institutions like the International Monetary Fund and the World Bank.