The finance ministers of the G20 group of countries will meet in Paris on Friday and Saturday to discuss monetary reforms and measures aimed at fighting global economic threats.

Besides the G20 member states, representatives of Spain, the United Arab Emirates, Ethiopia, Singapore and Equatorial Guinea will take part in the meeting. Heads of international financial and economic organizations including the European Union, the European Central Bank, the World Bank, the International Monetary Fund and the Organization for Economic Co-operation and Development are also expected to join the discussion.

Deputy Finance Minister Dmitry Pankin and Central Bank head Sergei Ignatyev will represent Russia at the talks.

The discussion is expected to focus on reforms intended to improve the global monetary system. France, who holds the G20 rotating chair this year, has proposed decreasing foreign exchange reserves in developing countries and improving the regulation of international currency flows, particularly by persuading China to take steps towards full convertibility of the yuan.

France has also proposed to increase the role of Special Drawing Rights (SDRs), or international foreign exchange reserve assets that can be exchanged for freely usable currencies.

French Economy Minister Christine Lagarde has also announced her plans to discuss a damage caused by growing speculation in commodity markets.

The participants in the meeting are also expected to discuss the creation of a common system of indicators that would allow uncovering misbalances in national economies.