II Astana Economic Forum is closed

ASTANA. March 12. KAZINFORM /Muratbek Makulbekov/ The II Astana Economic Forum ?The Economic Security of Eurasia in the System of Global Risks? is closed, Kazinform reports.

Minister of Kazakhstan for Economy and Budget Planning Bakhyt Sultanov delivering closing speech and on the behalf of the forum participants expressed gratitude to President Nursultan Nazarbayev for providing support for the forum and specified the recommendations, which were elaborated following the results of the forum. ?Laying our proposals on delivering the regional and world economy from the crisis, we base on the consensus, that the world economic crisis was caused by the lack of logical continuity in the development of financial, democratic, institutional bases of the global economic system?, states the document. The participants of the forum came to a conclusion that the shortcomings of the world monetary system and its failure to adapt to the conditions of the changing world are the main reasons of cataclysms in the global and regional financial markets. There is need in regeneration of the present system of the world currency by bringing it into compliance with the main criteria of the modern world economic structure, such as democracy, competitiveness, civility, legitimacy and accountability to the world community. In this context it is necessary to unite the efforts of all countries to reach a consensus on bringing the world currency and financial system in line with the human development goals and challenges of the current world; create legitimate and mutually acceptable conditions of the world currency system operation. After the foundation for harmonious and justified world currency and financial system is created and the necessary level of integration and cooperation of the participating countries? economies is reached, it is necessary to introduce a supranational world currency in order to ensure monetary and economic security in the world excluding privileges of some countries which issue main trade and reserve currencies. According to the international experts, to make the world economic system able to cope with crises in the future it is important to establish an international system of preventive regulation of financial and trade relations. Such system shall prevent serious imbalances of capital flow. ?Radical change of the paradigm of further development of the world economic system and reconsideration of existing stereotypes is the basis of the future world financial and economic system?, the final part of the recommendations reads.