Russia's president said on Saturday that the role the U.S. has taken on in the world economy does not correspond to its true capabilities which was a major factor in the current global financial crisis, reported RIA Novosti.
"No matter how big the American market or how reliable its financial system may be, they are unable to substitute global commodity and financial markets," Dmitry Medvedev said speaking at an international economic forum in St. Petersburg, an annual event for investors.
"It is an illusion that one country, even the most powerful, can act as a global government. International institutions responsible for global financial policies, the IMF in the first instance, have had virtually no influence over the strategies pursued by market players," he said.
Medvedev, who was sworn in as president last month, said Russia could play a role in tackling the problems facing the global financial and commodities markets and proposed that the country host an international conference to this end. The conference, he said, could evolve into a regular event.
"I propose holding an international conference with the participation of the heads of major financial companies, as well as leading financial analysts," he said.
Medvedev also blamed the economic "egoism" of some countries for the present global financial and food crisises, including the decision by some governments to take protectionist measures in the agricultural sector in response to a rapid growth in world food prices.
The president said an overall growth in global prices, especially for fuel, was due to investors' disappointment in the U.S. dollar and urged the creation of new liquid investment instruments.
Medvedev said Russia would adopt an action plan to turn Moscow into a global financial center and make the ruble a leading regional reserve currency.
Sarkozy said: "The international community is determined to help Lebanon turn the page on political assassinations. The setting up of a special tribunal is making rapid progress. This is an irreversible process and the resolutions of the United Nations Security Council apply to everybody."
Meanwhile the streets of Beirut were decorated with French and Lebanese flags as tight security measures were observed on main roads leading to Beirut airport and the presidential palace in Baabda, east of the capital.