MEDVEDEV URGES FAIRER GLOBAL ORDER

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Dmitry Medvedev, the Russian president, called yesterday for a “fairer global economic order” after leaders of the four biggest emerging economies held their first formal summit.

He described the Russian city of Yekaterinburg, where the talks were held, as “the epicentre of world politics”, adding that the need for developing world nations to meet in new formats was “obvious”.

Talks between the leaders of the Bric group, Brazil, Russia, India and China, focused on the search for measures to ease the global financial crisis while seeking a greater role for emerging economies in a multipolar world.

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Bric countries account for 40 per cent of the world's population and 15 per cent of its economy. They believe they should have a greater say in global policymaking and in currency markets. A communiqué issued at the end of the summit, which expressed broad themes rather than detailed proposals, said emerging economies should have “a greater voice and representation” and pointed to the need for a “diversified, stable and predictable currency system”.

It also called for “comprehensive reform” of the United Nations to deal with global challenges more effectively and give Brazil and India a greater role. Russia and China are already permanent members of the Security Council.

Russian officials strongly criticised the global financial infrastructure, saying the dominance of the US dollar risked instability in currency markets.

Mr Medvedev said the “existing set of reserve currencies had failed to perform their functions”.

Arkady Dvorkovich, Mr Medvedev's chief aide, said the International Monetary Fund's basket of Special Drawing Rights should be expanded to include the Chinese currency and those of commodity producers including Russia, Australia and Canada, and possibly gold.

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“We don't need a shock on the currency market. No one wants to break the dollar,” he added.

But China, which holds nearly $2,000bn (