(Adds details, Finance Minister’s euro comment)
MOSCOW, May 25 (Reuters) - Russian President Dmitry Medvedev said on Tuesday that the leaders of the G20 needed to tackle the complete failure of global financial supervision when they meet next month for a summit in Canada.
“I think this should be a very important topic for the biggest economies. At the G20 in Canada this topic will be discussed,” Medvedev said.
Speaking to a group of mostly U.S. venture capitalists, Medvedev said that the crisis had shown how the global system of financial supervision had basically “collapsed”.
Diplomats say the crisis in the euro zone and currency volatility are likely to be key topics on the agenda of the summit of G20 leaders, a grouping that represents countries producing about 80 percent of global gross domestic product.
Russian Finance Minister Alexei Kudrin said at a separate meeting on Tuesday that he was confident about the future of the euro and that the current crisis would eventually strengthen the European single currency.
“I’m confident about the future of the euro,” said Kudrin, whose nation holds $460 billion dollars in gold and foreign currency reserves, the world’s third largest after China and Japan.
“I’m siding with those experts who believe that as a result of the crisis, Europe will work out additional tools to consolidate its finances and strengthen the euro,” said Kudrin.
Russia holds about 40 percent of its foreign exchanges reserves in euro.
At the meeting with venture capitalists, Medvedev said he was counting on support from the United States for Russia’s long-delayed bid to join the World Trade Organisation.
“We have had enough of waiting on the doorstep,” Medvedev said. (Reporting by Denis Dyomkin, writing by Guy Faulconbridge, editing by Conor Humphries)
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