Putin has called for a dismantling of the WTO and the International Monetary Fund.
Putin wants a new world economic framework, a new system that more favorably accounts for ‘the rising power of emerging market economies like Russia, China, India and Brazil, and the decline of the old heavyweights of the United States, Japan and many European countries.’
Putin said 60 percent of the world’s Gross Domestic Product was now produced outside of the Group of 7 countries – the United States, France, Germany, Britain, Italy, Japan and Canada.
Putin called for central banks to hold reserves in a wider selection of currencies. Now, banks largely hold their reserves in dollars and euros.
Putin said Russia would integrate with the world economy on its own terms – and possibly not by embracing the current rules of the global economic order.
Putin also said the world needed more cities that would serve as financial centers.
Putin wants new economic “architecture”.