Russian President Dmitry Medvedev called on Tuesday for creating a new international currency system ahead of the G20 summit in London.

"We should think about creating a new currency system," Medvedev said at a joint press conference after he held talks with German Chancellor Angela Merkel in Berlin.

"The current system is not ideal," he said.

"We cannot develop in the next 10 years if we do not create a new infrastructure including new (currency) systems," he added.

Earlier this month, Russia announced an ambitious proposal to overhaul the entire global financial order and even introduce a new supra-national currency to avoid future global financial crisis.

"We need to build a foundation for our future work, and ensure that such crises do not happen again," Medvedev said.

"We cannot turn our work into just a set of narrow solutions --add some money here, extend something's function there, and say everything's fine... I believe that this approach is wrong. We need an entirely new construction," he added.

Both Medvedev and Merkel are heading to London for the G20 summit, which is aimed to explore the remedies for the global economic downturn and restore confidence.

Merkel chimed with the idea by saying that Germany and Russia share some common ground in their approaches to tackling the financial crisis.

"We hope we hold similar positions as we head for London," she added.

Merkel said the G20 summit, to convene on April 2 in London, had to make clear decisions on a new financial architecture.

"It is clear that decisions on the new financial architecture must be made," she said.

Medvedev stressed that the global financial organizations -- the International Monetary Fund and the World Bank -- were created more than 60 years ago, under entirely different global conditions.

"We need to think about how to give them the status of modern, vital institutions," he said.

Medvedev warned against protectionist measures adopted by some countries in fighting the ongoing crisis.

"Primitive, senseless protectionism that could lead to the closure of markets, trade wars, and the emergence of high walls between countries must be prevented during this period," he said.

(Xinhua News Agency April 1, 2009)