Currency issues take centre stage at G8

10 July, 2009, 18:30

The final day of the G8 Summit has moved a step closer to creating a new world currency.

In a speech in L'Aquila Italy, Dmitry Medvedev showed an example of a so-called United Future World Currency unit. He says he's spoken to world leaders, and they're committed to the idea.

“What it tells us is, indeed, this is a gift, but people are thinking about it. One day we'll see something like that happening, we can use it, hold it in your hands and see it used as a means of settlement. And this coin was given a special standard, and rules of its circulation. This is a symbol of our unity, our desire to jointly tackle such problems.”

Earlier in the summit, the leaders agreed not to devalue their national currencies, to undercut competitors by making exports cheaper.

Presidential aide Arkady Dvorkovich agreed a further rouble devaluation is not likely at present.

“Rouble stability depends on the stability of the Russian economy and the state of the balance of payments. We believe that there’s no necessity right now to devalue the Rouble, given the positive trade balance, positive current account. If the fundamentals change, some movements are possible, but not radical ones.”