Root of defective world financial system still unresolved - Nazarbayev

Date: 10:17, 23-05-2014.

Astana. May 23. KazTAG - The root of defective world financial system has not been resolved yet, said Nursultan Nazarbayev, President of Kazakhstan.

"I think the financial architecture which has existed since post-war period, 65 years on the base of Bretton-Woods agreement has outdated. In 70 years the world has moved forward: absolutely new technologies, new approaches, while financial architecture is still the same. Everything in the world depends on one currency-dollar. We will work if there is dollar," he said at VII Astana economic forum.

"These paper dollars sustain the US economy. All the transactions we make go through New York," he said.

He added new approaches to this problem solution have been proposed.

"It is not so easy for leading states and for the West, but you see, we are moving forward to see this root. We are discussing, talking, proposing, while the root of defective financial world system is still unresolved," he said.

He reminded currency baskets and new organizations were proposed but nothing helped.

"Thus now we believe that not 8 states, not 20 states, but the states of the world should involve and with this global session which we are creating an idea will arise which will be considered. I believe this issue must be solved within the UN, when specially created committee will learn and develop new approaches for further development," he resumed.

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