S.Korea proposes global financial security network at G20 summit

SEOUL. November 12. KAZINFORM G20 leaders have supported South Korea's initiative on global financial security, Russian presidential and economic aide Arkady Dvorkovich said on Friday. Kazinform refers to RIA Novosti.

South Korea proposed to the world's 20 leading economies the initiative of a global network of financial security because mass inflows and outflows of speculative funds from countries with growing economies create instability factors in economic development.

"These steps in the declaration's project have been supported. The [Russian] president will discuss them during a press conference, which will be right after lunch," Dvorkovich told journalists in Seoul.

He said that Russia along with its partners in BRIC (Brazil, Russia, India, China) with rapidly developing economies suggested taking consumer ability in a larger degree, though "no formulas during the summit were accepted." Kazinform cites RIA Novosti. See www.en.rian.ru