Reforming financial system will take years: Medvedev

Reforming the global financial system will take years and should begin right now, Russian President Dmitry Medvedev insisted on Friday. "It is obvious that it will take years to put together a new framework for the world financial system but we have to get started right away," he told a governmental meeting called to prepare for an international economic summit in Washington November 15.
Medvedev stressed the need "to boost the legitimacy" of world financial bodies and to strengthen the stability of the global financial system. He called for the development "of a system of risk management adapted to modern technology" as well as unified accounting rules and a system to support "rational behaviour" by key economic players.