BRICS states consider supranational currency idea justified

SANYA (Hainan province, China), April 14 (Itar-Tass) -- The BRICS
states are planning to transfer to the supranational currency, Russian
President Dmitry Medvedev told Russian reporters after the BRICS summit
here on Thursday.
"The idea of the transfer to supranational currencies is justified,"
Medvedev noted."
"We will continue this course further on," he underlined.
Dmitry Medvedev raised the supranational currency issue at various
international economic forums. "It is extremely important to formulate the
procedure to set new standards for the regulation of the financial markets
and financial institutions," the Russian president said at a SCO summit in
Yekaterinburg in June 2009. "The international currency system should be
built up not only thanks to the U.S. dollar, but also through the creation
of reserve currencies, supranational tenders and types of settlements," he
noted.
Medvedev also noted that "the current configuration of reserve
currencies looks far from being ideal, particularly due to the risks
associated with it." The Russian president did not rule out that "we
cannot do without some more reserve currencies," because "it is obvious
today that the current currencies, including the U.S. dollar, failed to
perform its functions." Meanwhile, Medvedev acknowledged that the creation
of new reserve currencies is "a long process," as proper conditions should
be provided for it. "The currency of the Russian Federation can claim for
it in a foreseeable historical outlook, but this is the process for the
economy to gain authority," Medvedev underlined.