Published: 12:32, May 25, 2023 | Updated: 17:41, May 25, 2023
Putin: Decentralized financial system benefits global economy
By Xinhua

This file photo shows Russian President Vladimir Putin chairs a meeting with the Presidential Council for the Local Self-Government Development via a video conference at the Novo-Ogaryovo state residence, outside Moscow, on April 20, 2023. (PHOTO / AFP)

MOSCOW - 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.

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

"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.

READ MORE: Russia honors unity at 'key turning point'

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.

ALSO READ: Putin: Anyone resisting global multipolarity will lose

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

ALSO READ: Putin says Russia-US ties in 'deep crisis'

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.