Ahead of the upcoming G-20 summit, Russia has put forward its proposals to reform the world's financial system.

Among other things, it suggests the new financial system should standardise financial rules across borders and become more transparent.

The Kremlin also suggested that it would be necessary for the world’s economies to work out policies which would be enforced across borders:

“It is necessary to work out and adopt internationally recognized standards for macroeconomic and budget policies which are binding for the leading world economies, including the countries issuing reserve currencies,” the proposals read.

To back this suggestion, Russia proposed to hold a further conference which would outline a standardized world economy and help the international community emerge from the global financial crisis.

The proposals will be discussed at the meeting of G20 leaders in London at the beginning of April.