HONOLULU: Russian President Dmitry Medvedev said Saturday that the survival of the euro was critical for the global financial system as he voiced support for European efforts on the debt crisis.
Attending an Asia-Pacific summit in Hawaii, Medvedev said that the Russians were "great supporters of the euro" and said that his country kept almost half of its foreign reserves in the single European unit.
"Had there been no euro as a global reserve currency, then in 2008-2009 it would have been so much more difficult for us and for the US dollar to survive," Medvedev said, referring to the recent financial crisis.
"The fact that the euro exists as a global reserve currency helps the entire financial system to work," Medvedev told an event with business executives from the 21-member Asia-Pacific Economic Cooperation (APEC) bloc.
Medvedev said that European leaders have taken "the correct way" in resolving the crisis, which he called "very difficult."
The Russian president said that the eurozone may cover economies that are too diverse but said it was too late to change the historical fact.
"Should the number of eurozone member states be reduced, it will not necessarily mean greater sustainability of the euro," Medvedev said.
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