Prime Minister Vladimir Putin and Premier Wen Jiabao of China spoke today at the World Economic Forum in Davos, Switzerland Russian Prime Minister Putin said:
China Premier Wen Jiabao said: "(Recent financial conditions are attributable to) inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit; lack of self-discipline among financial institutions and rating agencies and the ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations." |