Finance Ministers of the twenty suggest international anti-crisis norms be worked out

The finance ministers of the Group of Twenty member countries supported at a Saturday meeting the initiative of the International Monetary Fund to elaborate international norms of overcoming economic crises and aiding crisis-struck countries, Russian Federation Vice Premier and Finance Minister Alexei Kudrin told journalists.

Kudrin explained the audience that the "institutional" approach suggested by the IMF envisages adoption of international norms, in accordance with which, in case of crisis in one or another state, the minority of creditors obeys the decision of the majority in a compulsory manner.

This is the approach that has gained wide support in the countries making part of the twenty industrially developed states and countries with transitional market economies.

Kudrin said the participants in the meeting of finance ministers were unanimous that the basic element to prevent crises is the pursuing of a correct credit and budget policy, the transparency of the economy and the possibility to adequately assess risks. Russia is presently joining the existing international system of standards and codes in that sphere.

Kudrin said the world's leading central banks' experts are independently assessing the Russian financial system. In this connection, Moscow demonstrates its readiness to contribute to the analysis of the Russian economics, in order to make it possible for the investors to better realize the results of their investments made and to prevent substantial speculative outflows and inflows of capitals, stressed the vice premier.