"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. (Image Gallery, VIDEO)
"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.
