Consultative seminar for the Russian G-20Y and G8 Delegations at the Association of Russian Banks
Association of Russian Banks jointly with the Russian Presidential Academy of National Economy and Public Administration conducted a consultative seminar at the request of the Ministry of Foreign Affairs and Ministry of Finance of the Russian Federation for the Russian Delegation participants of G-20Y and G8 Summits.
The meeting was staged in the framework of the Russian Delegations preparations towards the G8 and G-20Y Summits. Youth Russian diplomacy representatives had a chance to learn various aspects of the Banking system development priorities. Moscow Interbank Currency Exchange experts, specialists of the Deposit Insurance Agency, Russian Presidential Academy of the National Economy and Public Administration, Association of Russian Banks, Alpha-Bank and etc. told them on the current problems of the financial markets and economy, both Russian and global, and answered number of questions from the participants' side.
Executive Vice-President of the Association of Russian Banks Konstantin Mozel opened the meeting. «In your future profession, one can rely on improvisation once it has been carefully rehearsed», — he addressed the future diplomats. The seminar was organized with the view to train personnel and to arrange such an informal framework to allow the future G8 and G-20Y participants discuss the global financial system issues, its establishment and all sorts of aspects.
In particular, participants of the seminar displayed their concerns on establishment of the International Finance Center in Moscow. According to Irina Solovieva, leading expert of the Information Analyses Directorate of the Moscow Interbank Currency Exchange, the work in this direction is in the process, while Russian Stock Exchanges are structurally ready for the significant increase in operations volume, having modern instruments and technologies at their disposal.
Experience of Singapore and Hong-Kong showed, that it doesn't necessarily take 200 years to establish such a center, as it happened to USA and Great Britain. However, unless we haven't got clear state strategy on the issue, experts aren't inclined to expect significant progress coming soon. According to Karen Kocharyan, Head of educational projects departments of the Russian Presidential Academy of the National Economy and Public Administration, it will take not less than 3-5 years to complete the strategy.
Associate professor of the department of «Finance and banking» Vasily Yakimkin draw much attention of the public. In his report the specialist spoke on the socially recognized models for economic forecasts. One of the young diplomats wondered if the current supranational structures can assist tackling the crisis we have in place. Vasily Yakimkin was pretty firm, that the crises has been caused by the wrap in the external balance between the USA and China, and therefore the problem would rather been solved via G20 format.
«Supranational institutions, G8 and G20 among them, are first and foremost defending their own interests, and therefore decisions they take can contradict world economy principles of competitiveness», — noted Sergey Penkin, Association of Russian Banks analyst. Natalia Orlova, Vice-President of Alpha-Bank was also a success, describing the present state of affairs in the Russian banking system. So did her teammate Galina Fomina, Alpha Bank's Vice-President, Vice-President of the National Banking Club and moderator of the seminar, emphasizing, that participation of scientists and market experts will definitely assist Russian youth diplomacy to successfully pass the exam at the International Summit in Toronto.