BRIC leaders fire warning shot over US dollar
By Daniel at 17 June, 2009, 2:39 am
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Leaders from the world’s top emerging economic powers delivered a warning shot to the domination of the US dollar as their new forum flexed its muscle at a first ever summit.
The leaders of Brazil, Russia, India and China – dubbed the BRIC nations – called for a ”more diversified” currency system after a meeting that came amid growing talk over the dollar’s future as the global reserve unit of choice.
Russian President Dmitry Medvedev hailed the meeting in Russia’s central city of Yekaterinburg as ”historic” and said it met the expectations of his colleagues.
”The summit must create the conditions for a fairer world order,” he added in a final statement read out alongside presidents Hu Jintao, Luiz Inacio Lula da Silva of Brazil and Indian Prime Minister Manmohan Singh.
Their final communique said it ”is very necessary to have a stable, predictable and more diversified currency system” and that the leaders are ”committed to advance the reform of international financial institutions, so as to reflect changes in the world economy.”
Medvedev earlier reaffirmed his doubts about the future of the US dollar as the world’s standard reserve currency and called for a major shift in attitude worldwide.
”The current set of reserve currencies and the main reserve currency, the US dollar, have not managed to perform their functions,” he said.
AGENCE FRANCE-PRESSE
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