Ksenia Yudaeva: The G20 Working Groups started their work to fill the presidency with the substantial ideas
On January 16, 2013 within the framework of the Gaidar Forum in the Russian Presidential Academy of National Economy and Public Administration (RANEPA) a briefing of The Chief of the Presidential Experts' Directorate and the Russian G20 Sherpa Ksenia Yudaeva on the outcomes of the roundtable discussion "G20's Answers to the Global Challenges" was held.
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Question: What has already been achieved since Russia's G20 Presidency started and what is yet to be done?
Ksenia Yudaeva: Apparently, organizational process has been the most important part of the job so far. The G20 has several levels. One very important level is experts' work on the implementation of the previously taken decisions and on formulating proposals on new issues for the next year. This work is being performed within the Working Groups, at the moment we are managing their formation. A number of position papers defining the Russian Presidency agenda and for the activities of the Working Groups, are being refined at the moment. The Working Groups' meetings have kicked of this month, and the next major event will be the G20 Finance Minister Meeting scheduled for the middle of February.
Thus at the moment we are finishing off with framing the agenda and forming the Working Groups, which have already started their work to fill our Presidency year with substantial ideas.
Question: What is Russia's role in the Financial Stability Board (FSB), the initiative of the G20? When will the FSB start to impose binding obligations?
Ksenia Yudaeva: Russia is a fully-fledged member of the FSB. The Board has made quite a serious path over the period of its existence. It has been institutionalized, and its role as an advisory and decision-making body has risen significantly. Russia is an active participant of all the FSB meetings and works vigorously on developing its agenda.
At our session today the representatives of the Finance Ministry and Central Bank gave us a detailed view of the benefits gained by Russia through its engagement in the FSB activities, since the FSB holds discussion and stimulates exchange of ideas and recommendations, which we in Russia can put into practice, thereby building our own financial market. It is important to take into account that the Russian financial market is at the initial stage of its development. Many other markets are also being constructed at the moment, partially resulting from and basing on the FSB recommendations. Markets are being formed on the basis of new principles, which are considered today as the best practices.
The Russian banking regulation has been in existence for a long time so far, but the work on its enhancement nowadays is also being implemented basing on the international recommendations. Russia is a plenipotentiary of the Board, but most importantly, benefit of our membership is an opportunity to form our domestic regulatory agenda and financial sector reform on the basis of the best international practices.