Russia urges creation of new international monetary control system

Russia called on the participants at the G8 summit to consider the creation of a new international monetary control system, which could help prevent further crises, an aid to Russian President Dmitry Medvedev said, RIA Novosti reported.

Arkady Dvorkovich told journalists on Saturday that the introduction of additional reserve currencies would be the best measure that could assure global financial stability. Another possible step is increasing the role of Special Drawing Rights, a "quasi currency," which the International Monetary Fund allocates to nations allowing them to increase their foreign exchange reserves without money being borrowed or lent.

Besides this, Dvorkovich said, nations should discuss their monetary policies with each other. Such consultations could "increase the stability of the international currency system" and become a "serious element" of a new financial control system, he said.

According to Dvorkovich, French president Nicolas Sarkozy said during the talks that countries should prevent attacks on national currencies, but made no concrete proposals.

The Russian president's aid said the issue would be raised during the G20 summit in Toronto on Sunday.