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Dmitry Medvedev addressed the St Petersburg International Economic Forum's plenary session.

June 5, 2009, St Peterburg

The President said that the global financial crisis should not be cause for doubting the inherent value of freedom and democratic, cultural and economic values.

Mr Medvedev said that in his view, the fundamental roots of the crisis lie in an artificially maintained uni-polar system and the preservation of monopolies in key segments of the global economy.

Today’s decision makers have the task of making the global economy healthier, more sustainable and less vulnerable to global risks, the President said. Mr Medvedev noted that various countries’ governments are ready to work together more closely to tackle global financial problems, and also stressed the importance of establishing institutions that would make it possible to engage in open dialogue in order to work out mutually advantageous solutions taking into consideration the interests of all participants. The President said that one such institution could be the Financial Stability Board, which unites the world’s 20 biggest economies.

The President said that countries would be able to make it through the crisis only through joint efforts and stressed the need for intensive exchange of information and coordinated action to successfully resolve the problems faced.

Before the working session began, Mr Medvedev visited exhibition stands organised by the Economic Forum’s partner companies: Sberbank, United Industrial Corporation, Gazprom, Russian Corporation of Nanotechnologies (RUSNANO), and VimpelCom.

June 5, 2009, St Peterburg