Putin calls for changing the architecture of the international financial system

SOCHI, September 20 (Itar-Tass) — Prime Minister Vladimir Putin called for changing the architecture of the international financial system.

“We all need to think about changing the architecture of international finances and diversifying risks. The whole world economy cannot depend on one money-printing machine,” Putin said at the final press conference after a meeting of the Russian-French bilateral commission on cooperation in Sochi on Saturday.

“This is a very serious issue that should be addressed in a calm, attentive and working manner without haste together with our colleagues from Europe and America,” Putin said. “This issue should be considered not in a confrontation-like way but very benevolently in order to find the most acceptable ways for the development of the world economy and world finances.”

French Prime Minister Francois Fillon said he would put forth several initiatives within days for dealing with the world financial crisis.

He said it was not possible yet to say whether France or Europe has survived the financial crisis. He believes it necessary to strengthen control and bring more transparency into cooperation between fiscal authorities of different countries.

“We will be working on this together in the next couple of weeks,” he said.

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