Drastic change in the world financial system required: Nazarbayev

There is a need to rethink the global financial system, the Kazakhstan president declared at the VII Astana Economic Forum, Tengrinews reports. Since everyone is dependent on the dollar, the USA should take an active part in this process, Nazarbayev believes.

“All of us in this world depend on one currency - the dollar; its everywhere. These paper dollars fuel the U.S. economy. All the transactions that we made go through New York. The United States themselves should start thinking about this problem, they should be the ones to suggest to the world a completely new approach amid the new conditions,” the president said at the VII Astana Economic Forum.

It is not a simple thing to do, the president said. “It is an ongoing search: the currency baskets are expanded, but this doesn't help; new organizations are formed, but it doesn't helping either. That is why we believe that neither 8, nor 20 states, but of the whole world should come together; and from this global council that we are calling upon (G-Global) a new idea will be born… I am confident that this problem should be solved within the framework of the UN, via a special committee that will be developing new approaches to the future world development," the President said.

President Nazarbayev pointed out that even though the world had moved forward, the global financial architecture had not been changed in the past 70 years.

Last year the president called the financial system “shamelessly straggled”. Back then he compared the measures taken to tackle the global crisis with “burning of 100-dollar bills in search for a cent lost somewhere in the darkness.”

Reporting by Renat Tashkinbayev, writing by Dinara Urazova, editing by Tatyana Kuzmina