The main outcomes of the Think 20 Meeting are summed up
On December 11, 2012 in Moscow took place a meeting of the world’s leading think tanks representatives, which gathered to discuss the most significant issues within the Russia’s G20 presidency agenda. The outcomes of the Meeting were delivered on December 13 in the course of the Conference “Fostering economic growth and sustainability”.
According to the Think 20 invited experts, the recent trends of the development of the world's main economic centers have changed the view on grounds and factors of the global crisis of 2008-2009. Lack of up-to-date financial regulation, which would correspond with the level of market development, along with global imbalances in trade and capital flows between the developed and the emerging economies are among the most important ones.
Short-term economic policy problems - fiscal consolidation and central banks' exit strategies - should not overshadow the problem of tackling long-term global economic imbalances.
Both the developed and the developing countries are facing the need to reform the state social obligations and pension systems which will reshape the current global imbalances in a completely different way. Current global governance reform should foresee the long term changes and adjust accordingly.
Thus the experts focus their attention on the necessity of formulating new approaches to financial regulation, which is one of the most important topics for global financial markets. As it is stressed by the experts, nowadays it is the right time for analysis and assessment of the international monetary system reform and its possible impacts - explicit and implicit - on global financial market and banking system.
Therefore, the participants of the Meeting focused their attention on economic forecasting, determining the long-term economic imbalances and building new global financial architecture.
In the course of discussion the delegates have developed a clear and overwhelming view on the challenges of modern world, which gave birth to innovative and competitive ideas on enhancing inclusive economic growth. The think tanks will continue further cooperation with governments in monitoring current economic environment and mapping the G20 governments' commitments implementation.
The framework of the Meeting as well as the character and the results of the discussions were highly evaluated by the participants and guests from all the G20 countries and observers. It was suggested to continue the work on the issues discussed within the Think 20 framework and to consider organizing another Meeting within the Russia's presidency.
The main results and outcomes of the Think 20 Meeting were presented to the G20 Sherpas Meeting on December 12 and passed to the Russia's G20 Sherpa Ksenia Yudaeva.