News // Economy
World Bank Is For Extended G7
08 October 2008 , 11:32954
G7 system now seems to be old-fashioned and not sufficient, that's the conclusion made by Robert Zoellick, president of the World Bank.
He proposes that G7 is to be supplemented with the fast-growing economies of Asia and Latin America. Together with Brazil, China, India, Mexico, Russia, Saudi Arabia and South Africa it will be a more universal structure.
As Russian business paper Kommersant reported, President Dmitry Medvedev noted the absence of an arena for the effective discussion of ways to overcome the crisis last month. He said he made efforts to raise that subject at the G8 summit in Hokkaido, but no decision on it was made there. “It’s a shame,” Medvedev said. “Maybe some of our partner states would have behaved differently in the new wave of financial crisis.”
What destiny these ideas awaits, we can't say yet.
Meanwhile, the G7 is a union of highly developed Canada, France, Germany, Great Britain, Italy, Japan and the United States. The ministers of finance of those countries meet regularly to discuss global financial issues and problems in the world economy.
14:10 18.10.2017China to take 5% of Rosneft’s output in new deal
18:00 11.10.2017Brazilian Cosan to buy Shell's Comgas stake for $365 million
18:00 10.10.2017Indian PM Modi thanks Putin for Rosneft's $12.9 billion investment
13:30 02.10.2017India to receive its 1st shipment of crude from US on Monday
14:05 21.09.2017China and Russia agree to expand energy cooperation