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Russia supports the development of common standards for the world economy,
Russia supports the development of common standards for the world economy, as well as unified principles for international financial markets, Russian Prime Minister Vladimir Putin said.

In an interview with the Bloomberg financial news agency, Putin said a Russian delegation at the Davos world economic forum in Switzerland on January 28-February 1 intended to confirm its commitment to this approach and discuss the need to combine the efforts of the international community to overcome the problems caused by the current world financial crisis.

"We are speaking about the need to combine efforts and elaborate some common rules. But first of all, it is necessary to speak about elaborating unified standards in the world economy, including national sectors," Putin said.

According to Putin, the European Union has elaborated some agreements and Euro-zone countries are trying to comply with them, but there are no similar rules on a global scale.

"They in general would play a stabilizing role. Secondly, now, in the conditions of globalization, inter-dependence is so great that all the countries would be interested in that," Putin said.

"For example, Russia holds almost 50% of its gold and foreign currency reserves in the U.S. economy and it is important for us what the U.S. budget deficit in 2009 is," he also said.


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