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  • The Moscow-based National Research University - Higher School of Economics

Moscow hosts the G20 Partnership for Growth and Jobs

The international conference "G20 Partnership for Growth and Jobs" took place at the Moscow-based National Research University - Higher School of Economics on August 29, 2013. The event was aimed to discuss the priorities of the Russian G20 Presidency and the upcoming Summit in St.Petersburg, as well as new challenges faced by the G20 members and potential ways to overcome them.

At the conference renowned experts, representatives of international organizations and public officials discussed the most pressing issues faced by the G20: monetary and fiscal policy measures to promote economic growth; investing in infrastructure; public debt management in the G20 countries; and financial regulation reforms. The participants also discussed possible future agenda of Australia's Presidency and the G20 Leaders' Summit in Brisbane, Australia in 2014, as well as of subsequent Presidencies.

Speaking at the conference, Chief of the Presidential Experts' Directorate and the Russian G20 Sherpa Ksenia Yudaeva mentioned that the expert community was assisting entire Russia's G20 Presidency, starting from the meeting of the global think tanks, Think 20, in December, 2012. Later on the G20 held a number of other expert meetings and outreach events. "To meet the challenges facing the G20, it is vital to consult with experts on all adopted decisions," Ms. Yudaeva emphasized.

With respect to the upcoming G20 Summit, she said that Russia had managed to achieve the expected results on all priorities of its G20 Presidency. "During our Presidency we were trying to find a balanced approach in many areas of focus. Although we also had to respond to immediate issues, we have managed to keep the emphasis on long-term decisions that are essential for economic growth, Ms. Yudaeva noted.

The participants agreed that the main goal of the G20 is to coordinate economic policy globally. Ms. Li Rui from Shanghai International Studies University said that although the policy of quantitative easing actively used by the advanced countries had alleviated the global crisis, it was fraught with new financial problems, and as a consequence, defaults. She added that the policy of quantitative easing helped cure the symptoms rather than the disease as such, and emphasized the importance of ensuring the stability of national currency systems and building a powerful infrastructure for coordinating monetary and credit policy.

In turn, Martin Gilman, Director of the Center for Advanced Studies at the Higher School of Economics (HSE) stressed the need for global creditors to impose restrictions on loans for low-income countries.

Vasily Solodkov, Director of the HSE Banking Institute, stated that coordination of actions was required for the ‘deoffshorization' of the G20 economies. "It is clear what a huge gap in the deposit interest rate leads to - in Germany it is 0.5% and on Cyprus is exceeds 8%. Central banks should not regulate the rates but should prevent the emergence of financial pyramids," he said.

Sergei Drobyshevsky, Head of Russia's G20 Expert Council, also spoke on the drawbacks for economic growth. "The main goal of an economic policy is to reduce the lack of confidence that prevails in the world today and blocks investment and development," he explained.

Zia Qureshi, Director of Strategy and Operations at the World Bank, elaborated on the influence exerted by the decisions of the G20 and other informal interstate associations (G8 and BRICS) on the global economy. Experts from the Higher School of Economics and the University of Toronto presented an analysis of compliance with the commitments assumed by the G20 members at last year's Summit in Los Cabos. Chair of Business 20 and President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin, and Chairman of the Presidential Council for Civil Society Institutions and Human Rights Mikhail Fedotov presented the results of the G20 dialogue with the social partners - Business 20 and Civil 20. Other speakers made reports on global governance, international tax system and business development.

In conclusion, Paul Myler, Australia's Ambassador to the Russian Federation, reported on preparations for Australia's G20 Presidency in 2014.

The conference was organized by the HSE International Organizations Research Institute and the University of Toronto's G20 Research Group with the support of the G20 Russian Sherpa's Office, the Australian Embassy in Moscow, Newsdesk Media, the International Chamber of Commerce, the Lowy Institute for International Policy, Shanghai International Studies University and the Stanley Foundation.