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"Excessive dependence on what is essentially the only reserve currency is dangerous for the world economy, therefore it would be expedient to encourage an objective process for the emergence of several strong regional currencies in the future," he said.
"Today, investment banks, the pride of Wall Street, have virtually ceased to exist," Putin said.
In addition to subpar regulation, global imbalances and other factors also played a role, Putin said.
Putin said it was important not to revert to isolationism and also warned against "excessive intervention in economic activity and blind faith in the state's omnipotence ..."
Putin urged a quick but potentially painful cleanup of troubled balance sheets and urged the creation of "several strong reserve currencies in the future."