Russia has drawn up its own proposals to restructure the world financial system, which President Dmitry Medvedev will present at a global summit on the financial crisis next month, a senior official said on Sunday. US President George W. Bush will host the summit on Nov. 15 in Washington to discuss the causes of the crisis and the principles by which financial regulators and institutions should be reformed. Invited to the meeting are leaders of the G20, which includes the Group of Seven major industrialized nations and key emerging economies like China, Brazil, India and Russia. Heads of the World Bank, International Monetary Fund, United Nations and the Financial Stability Forum have also been invited. Russian First Deputy Prime Minister Igor Shuvalov told state channel Vesti that Medvedev's proposals contained “measures on (revising) the international financial structure, on how international financial institutions should function, and they also concern national regulation”. Shuvalov did not reveal details, but reiterated Russia's general stance: “The currently existing world financial system is inadequate to the conditions in which we live. In the Russian Federation, our leadership has been constantly talking about this in recent years.” Shuvalov said Russia had no plans to isolate itself from the rest of the world during the crisis, stressing that it was part of the global economy.
