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The global economy will emerge stronger from the worldwide financial crisis,
The global economy will emerge stronger from the worldwide financial crisis, Russia's finance minister said after talks with counterparts from Brazil, India and China.

Alexei Kudrin met in Brazil on Friday with finance ministers from the other three so-called BRIC countries to discuss the crisis ahead of a wider gathering of the G20 in Washington next weekend.

"Each crisis is a push in the development and understanding of new trends," Kudrin told journalists on Friday. "And in this sense, certainly, the global economy will emerge with new technologies, organizational structures and institutions that will shape its further development."

The Russian finance minister said globalization meant the global economy was not ready to react to the crisis, deepening its effect. "Now such institutions will be developed," he said.

After the talks, Brazilian Finance Minister Guido Mantega said the top emerging economies wanted "a reorganization of the world financial system." He said they would insist on this at the summit in Washington.

"We called for the reform of multilateral institutions in order that they reflect the structural changes in the world economy and the increasingly central role that emerging markets now play," the BRIC countries' finance ministers said in a joint statement after their meeting.

They also laid the blame for the crisis on the developed economies, particularly the United States and Europe, but vowed they would "continue to take all necessary steps to lessen the impact of the recent turmoil on economic activity, aiming to preserve medium and long-term growth."

The term BRIC was first used in 2003 in a thesis published by the Goldman Sachs investment bank that named Brazil, Russia, India and China as the most rapidly developing economies in the world and predicted they would become richer than most developed countries by 2050.

The November 15 summit in Washington will bring together leaders of the main developed and developing countries to discuss coordinated solutions to the turmoil on global stock markets and banking systems.


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