Kazakhstan, Astana, May 3 / Trend A.Maratov /
Nursultan Nazarbayev believes that economies from around the world will feel the need for a supranational settlement payment unit and then a global currency of the new class.
"The defectiveness of the world monetary system already forces some countries to take practical actions to use alternative currencies", Nazarbayev said at the IV World Economic Forum in Astana.
The president said that today the world economy faces global challenges in three aspects: financial, industrial-innovation, resource-food.
"The challenges of the financial sector include the defects of the global financial system and its main component - the world's reserve currency," he said. "The current financial system does not meet the principles of legality and democracy. It weakens the growth of other economies and hampers the resolution of global problems."
Fundamental measures and the transformation of the world monetary system are required to resolve global economic problems, the president said. He said that every year this stance finds increasing support among experts and leading politicians.
In speaking about the impact of the financial crisis for the global economy, the president stressed that the global crisis will be completed only after the imbalances in the global financial and economic systems are removed.
"The main lesson is to prevent an imbalance in economic policy," he said.
The second lesson of the crisis is the increased importance of an industrial innovation policy, particularly for developing countries, he said.
Nazarbayev called the increased awareness of the need to conduct a reasonable social policy as the third key lesson of the crisis. The role of this policy has recently been unreasonably undervalued.
"Today, there are clear differences between the financial sector and the real economy," he said. They are fundamental. The crisis will really end only once a reasonable balance between these two parts of the world capital is ensured."