France, Russia vow to promote global role of G-20

French President Nicolas Sarkozy said Saturday that he wanted to work with Russia to give developing nations a larger say in how to regulate the global economy.

Global financial institutions such as the World Bank and International Monetary Fund — created at the Bretton Woods conference in New Hampshire 1944 — are outdated and must be replaced, Sarkozy told an economic forum in St. Petersburg hosted by Russian President Dmitry Medvedev.

"We all need to think about the foundations for a new international financial system. We've been based on the Bretton Woods institutions of 1945, when our American friends were the only superpower," Sarkozy said. "My question is: Are we still in 1945? The answer here is, 'no,'" he said.

For more: The Associated Press: France, Russia vow to promote global role of G-20