Nursultan Nazarbayev at the congress of the Eurasian Association of Universities in Astana called for a new global financial system and a single legitimate settlement currency developed by all countries. He sharply criticized the dollar as an international reserve currency and said the current monetary and financial system no longer meets modern needs. The article also presents his ideas on moving from defectalism to akmetalism and the IMF response, which called the concept interesting but still insufficiently studied.

President of Kazakhstan Nursultan Nazarbayev, speaking at the 11th Congress of the Eurasian Association of Universities on Tuesday in Astana, said that a new global financial system needs to be created.
“This is an undemocratic, unfree, noncompetitive, uncontrollable world currency,” Nazarbayev said, denying the dollar the right to be an international reserve currency.
Nursultan Nazarbayev noted: “We need to move to an absolutely new global currency system, based on a legitimate and, from the point of view of all countries, single unit of account. All countries must take part in its creation, issuance, and regulation”
The President of Kazakhstan is convinced that “the current monetary and financial system in the world no longer meets modern requirements and does not correspond to any of the criteria of the stability of the currency system on which we all rely and by which we live in international trade.”
Nazarbayev pointed out that, in connection with the global crisis, many countries are proposing their own models for reforming the monetary and financial system. In particular, he recalled German Chancellor Angela Merkel’s idea of creating an economic council under the UN, which could also work on this issue.
Nazarbayev presented his proposal for creating a fundamentally new global financial system in his original article “Keys to the Crisis.”
According to Nazarbayev’s theory, the world is moving toward a new monetary and financial system: from “defectalism” to “acmetalism.” Nazarbayev calls modern capitalism, based on capital, “defectalism.” “Acmetalism,” according to Nazarbayev, is new capital that will already be based on a defect-free currency — the world’s self-growing wealth.
The IMF considers Nazarbayev’s idea interesting, but still relatively little studied. The IMF itself has its own accounting unit — the so-called “special drawing rights.” At present, political circles are discussing the possibility of allocating SDRs in conditions where countries are looking for opportunities to place reserve resources in “safe assets.”