Russia and EU attempt to outflank US on G20 global finance revolution

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David Charter
Times Online
November 14, 2008

Russia and the EU agreed today to pile pressure on President Bush to accept far-reaching changes to the global financial system at the G-20 summit in Washington.

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Dmitri Medvedev, the Russian President, said that Russia’s ideas were almost identical to those put forward by Nicolas Sarkozy, the French President, on behalf of the EU.

Both men have talked of the need for fundamental changes to post-war institutions such as the International Monetary Fund to take better account of the developing economic powers of the world, while President Bush has appeared reluctant to make major alterations.

In a sign that they are prepared to sideline the outgoing US president, Mr Medvedev backed the call from President Sarkozy for a follow-up summit in February once Barack Obama has taken over.

Mr Sarkozy said after a one-day EU/Russia summit in Nice that he welcomed the meeting of minds with President Medvedev, which came despite lingering disagreements over Russia’s invasion of Georgia.

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