Moscow proposes a ’new order’

Agence France-Presse

The crisis "has demonstrated the need to ... adopt collective and internationally agreed decisions aimed essentially at developing a globalization process management system," it said.

The document spelled out five principles on which a "new international financial architecture" should be based and offered concrete proposals in eight specific areas for the G20 to consider.

Those eight areas included reform of the international monetary and financial system, reform of the system's institutions and tightening international regulation and financial supervision.

Proposing a new conference

The Kremlin said the London summit should agree on "parameters" of a new global financial system but should be followed by a global conference.

"The system of collective decision making can become efficient only when it ... represents the interests of a wide range of participants," the Kremlin said. It added: "The obsolescent unipolar world economic order should be replaced by a system based on the interaction of several major centers."

"Greater transparency of the countries issuing reserve currencies when they conduct their monetary policy is of fundamental importance," the Kremlin said, in reference to the U.S.

The Kremlin document called for an international agreement on global rules for regulation of the financial sector, or "Standard Universal Regulatory Framework (SURF)."