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  • Roundtable "Experts' vision of the significance of the G20, G8 and BRICS for Russia"

Experts discuss the significance of the G20, G8 and BRICS for Russia

A roundtable "Experts' vision of the significance of the G20, G8 and BRICS for Russia" has been held at the International Media Centre of the G20 Summit.

Head of the G20 Expert Council Sergei Drobyshevsky spoke about the main results of Russia's G20 Presidency in the field of economic policy.

"Having assumed the G20 presidency, Russia announced its intention to focus on economic policy in order to restore economic growth in the world," he said. "One of the main results of the Presidency is that Russia has reopened debates on priority economic issues, such as ways to overcome the consequences of the 2008-2009 crisis, the optimal macroeconomic policy of different centers of economic influence, and the measures which governments, economic authorities and the business community should take to return their countries to the path of economic growth."

Drobyshevsky said that the discussion of fiscal policy was among the most productive, with member countries reaching a consolidated position on the issue of budget deficits. They have agreed on the need to change the system of managing sovereign debt so that debt policy does not hinder economic growth, and that measures should be taken to stimulate long-term investment, primarily in order to create a foundation for sustainable growth, rather than investment in the financial sphere aimed at generating profits for the financial market.

Speaking about employment, Head of the G20 Research Group of University of Toronto John Kirton pointed to the importance of the first Joint G20 Finance and Labour Ministers Meeting held during the Russian Presidency. The ministers discussed the need for an integrated approach to employment, macroeconomic policy, financial regulation and structural reforms. Kirton described this approach as innovative.

Kirton also mentioned progress in reforming the financial regulatory system. He said the discussion of financial regulatory measures at the St.Petersburg Summit would help create the foundation for subsequent steps toward achieving this goal.

Marina Larionova, Head of the International Organizations Research Institute of National Research University - Higher School of Economics and Co-Chair of the Russian G8/G20-NGO Working Group, spoke about the G20 countries' progress in trade, in reforming tax systems and in promoting development. She also praised their efforts to fight protectionism.

"Our leaders reaffirm the need to fight protectionism every year. The current task is to fulfill the obligations they have assumed," she said.

Marina Larionova emphasized how important it is for the G20 to act on its decisions and said that the Accountability Report on the Implementation of the G20 Development Commitments was successfully completed during Russia's Presidency.

She said that considerable progress was made during Russia's Presidency in preparing a plan to tackle tax base erosion and profit shifting, and also underscored the importance of cooperation under the outreach program.

Mark Rakhmangulov - Deputy Director, Global Governance Research Center, International Organizations Research Institute, National Research University -Higher School of Economics - told the roundtable about the G20 countries' progress in reforming international financial institutions, power generation and fighting corruption.

According to the expert, one of the accomplishments of Russia's G20 Presidency is the introduction and implementation of the Global Legal Entity Identifier, a system aimed at facilitating the interaction of international financial institutions among themselves and with national and international regulators, as well as overseeing the operations of such institutions. He went on to say that a special meeting of national energy regulators has been held for the first time in the history of the G20.

"Russia has proposed exploring a new aspect of anti-corruption efforts - the organization of major sporting events. The G20 Anti-Corruption Working Group will submit its recommendations to the Leaders, and the Summit will approve them," Mark Rakhmangulov said.