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The two-day G20 economic summit that has ended in Washington
The two-day G20 economic summit that has ended in Washington will become a step toward the establishment of a new global financial system, the Russian president said Sunday.

"I cannot promise you that a new Bretton Woods [system] emerged today in Washington, but it is absolutely clear that a step toward the creation of such a system has been made," Dmitry Medvedev told the Council on Foreign Relations.

"A few months ago I was unable to believe the meeting will take place. This is a chance to revise the financial system. I am content with the results [of the summit]," he said.

In their final communique, the participants of the G20 summit in Washington vowed to restore global economic growth. They also agreed to increase transparency, step up international cooperation and reform international financial organizations.

During the Bretton Woods conference in July 1944, whose aim was to regulate the international credit and monetary policy in the period after World War II, agreements were signed to establish such organizations as the International Monetary Fund and the World Bank.


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