Decentralized int'l financial system beneficial for global economy: Putin

Xinhua
25 May 2023, 01:48 GMT+10

MOSCOW, May 24 (Xinhua) -- A shift towards a decentralized international financial system will be beneficial for the global economy, Russian President Vladimir Putin said on Wednesday.

Speaking at the plenary session of the second Eurasian Economic Forum in Moscow, Putin said that many rapidly developing economies are currently shifting towards the use of national currencies in international settlements.

"It is important to coordinate joint efforts to create ... a new, decentralized global financial system," he said, adding that this switch would be beneficial for the global economy, and would bring stability.

A more decentralized financial system would make the world economy "less dependent on crisis phenomena" in countries that hold global reserve currencies, and would make payments more secure, said the president.

Putin said the world was undergoing "fundamental changes," terming the theme of this year's forum, "Eurasian integration in a multipolar world," very relevant.

Many countries are currently working on strengthening their national sovereignty, pursuing independent domestic and foreign policies, and stand in favor of building a new, more just global system of economic relations, he said.

The second Eurasian Economic Forum is held in Moscow on Wednesday and Thursday.

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