Key to crisis: article of Kazakh President N. Nazarbayev in ?Rossiyskaya gazeta?

ASTANA. February 3. KAZINFORM. Our agency offers its readers an article of Kazakh President Nursultan Nazarbayev called ?Keys to the crisis? published in ?Rossiyskaya gazeta? Monday.

Key to the crisis Today?s global crisis shaking countries and continents is a special phenomenon the humanity has never faced before. To analyze, understand and overcome it we need creative approach to revise all former dogmas and stereotypes. In this context it makes no sense to play ?blame game?. Now it is more important to focus on identification of deep defects of the system, which generated powerful world cataclysms, and search for ways of their total elimination. And we should dare to admit that we are at the turn of creation of cardinally new model of world economy, policy and security. 150 years ago one of the greatest Eurasian thinkers said: ?"The power of external forces is the result of the internal one." To this point, it is definitely possible to believe that "an external crisis is the result of internal one." Seven simple questions It is possible to start drastic renovation of our mentality giving honest answers to the following seven questions, clarifying the essence of the world monetary system recovery. 1. Is de facto world currency recognized de jure? It is obvious that without a universal law on the world currency, signed by heads of the majority of states and ratified by the majority of parliaments, we can not speak on the legality of such level. 2. If the activity of the world currency issuer is true democratic? It is obvious that no nation in the world takes part in decision-making or in activity of the world currency issuer. In this regard, the activity of the world currency issuer is not democratic anyway. 3. Is the mechanism of balance of the world currency demand and supply competitive and free? It is evident that the world monetary market is not competitive and can not be recognized to be so until the creation of world institutes, making and regulating standards of competitive activity of all participants of the market. This obligatory competitiveness could be regulated by a special supervisor, for example, the World Antimonopoly Monetary Committee. Existing market of the world currency does not provide equal rights to all its potential issuers. 4. Is the market of world currency civilized? Rules of game in the civilized market are established and observed on the basis of general treaty among all the participants (sellers and buyers), meeting their interests in full. It is obvious that nothing of the kind is observed in the market of world currency. Thus the market of world currency is not civilized for today. 5. Is the system of generation and emission of the world currency controlled by its principal parties-users (countries, companies and population) and the whole global community? No. It is controlled neither by its principal parties-users, nor by the world community. 6. Is the system of generation and emission of world currency liable to its principal users (countries, companies and citizens) and the world community? The issuers of world currency do not have any responsibility either before its principal parties-users or before the world community as a whole. In this sense the issuers of world currency are absolutely irresponsible and this fact created the global crisis. All legitimate and lawful issuers of world currency must have full responsibility for their actions (or inactivity) before their principal parties-users (countries, companies and citizens) and before the world community which according to the law can be provided, for example, by the World Currency Arbitrage. 7. Is the system of world currency effective and efficient, do the results of its work in conformity with the purposes of development of mankind and the world at large? The actions of issuers of world currency must absolutely correspond to the key aims and values of the world and mankind. These principles need to lay a foundation for the entire system of the new world currency, and a system for regular measurement and correction of its efficiency. Honest answers to these seven simple questions make the adequacy of the existing world currency to the challenges of the new century a purely rhetorical. By the way, Kazakhstan in 2003 initiated the implementation within the EurAsEC interstate single supranational monetary unit of account, which was then proposed to call "Altyn". The process of development and creation of supranational regional interstate currency units has begun a decade before. The first one was the European Currency Unit ? ecu which transformed into a fully fledged European supranational currency, the euro. To begin with a practical solution to this issue it is necessary to formulate a clear plan of a radical renewal, which basis could be all of the above approaches. We need to understand that none of the bodies, organizations and summits today can be productive and effective if they are not to develop or implement a plan of radical renewal. The countries of EurAsEC and SCO, creating a Eurasian transit center could initiate the accelerated development of the transit rates, not only in Eurasia and other continents, but throughout the world. The EurAsEC and SCO countries could propose and promote an interstate currency units initiative in the world organizations and forums. Why should we not consider the possibility of global discussion and promotion of radical renewal in EurAzEC, SCO and the EU? Radical renewal can bring together countries and peoples, unite them on the basis of common interests of prosperity, facilitate the creation of new mechanisms to secure peace. It will become a solid financial and economic foundation, built on a new less-defective world currency. Here already almost half a year all large world subjects of different caliber, level and quality try to search and formulate different recipes to overcome the crisis. Their efforts almost have already formed new global and a very specific market. It is a market of global recipes and plans for overcoming the world crisis, a market of "keys" to the crisis. At present, its demand greatly exceeds the offer. Two sectors - wide and narrow have been already formed there. The first one is a wide sector of decisions and recipes of superficial, cosmetic repair of the world currency-financial system. The second sector is a narrow sector of global recipes of radical treatment and correction of deep genetic defects of our world. The Plan of radical renewal offered by us is exactly a global recipe for the radical treatment of global world defect. It is a new product of the second, narrow sector of the world market of "keys". The similar approach is extremely favorable to the whole world. We all together have entered into the global world crisis, and only together we will be able to turn the key to the crisis. Everything depends on us.