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VTB to lead B20 task force on financial stability during Russia’s G20 presidency

12 December 2012

VTB to lead B20 task force on financial stability during Russia’s G20 presidency.

VTB officials on December 12 presented on the strategy of the Business 20 (B20) "Financial Stability Taskforce at Priorities for the Russian G20 Presidency: the Business View", the first in a series of official events during the Russian presidency of the G20 and B20.

The B20 brings business leaders together to advise G20 leaders on key economic issues, and has established seven taskforces for 2013. Andrey Kostin, VTB Bank President and Chairman of the Management Board, heads the Financial Stability Taskforce, which is working on proposals to help restore confidence in the financial system. Other participants will be drawn from leading international financial institutions, stock exchanges and national business associations.

«The global economy is gradually entering an utterly new phase with a slower pace of growth, restricted access to capital as well as serious regulatory reform and redistribution of economic weight among key global economies. What we need today is to restore investor confidence. Structural changes on the macroeconomic level and new rules around self governance should be introduced. I believe that Russia’s presidency in B20 will help business and financial community to provide roadmap for improved efficiency in finance».
Andrey Kostin,
JSC VTB Bank President and Chairman of the Management Board

Issues for discussion draw on the agendas of previous G20 and B20 meetings, and also include new priorities proposed by Russia such as improvement of financial regulation and financial markets infrastructure; reform of the international monetary system; development of private companies’ debt strategies; broader access to financial resources; and sovereign debt management in the event of unforeseen circumstances.

VTB President Andrey Kostin has attended B20 meetings since 2010 as the only representative of the Russian banking community.

Business 20 (B20) brings together major companies, banks and business associations to support an ongoing dialogue between the business community, the governments of the Group of Twenty (G20) and relevant international institutions.

B20 meetings were initiated following the G20 Summit in June 2010 in Toronto, the first meeting where business leaders who accompanied their heads of state and government to the event joined the discussion on global issues. Andrey Kostin attended that meeting as a representative of Russian business. The B20 meetings that followed — in Seoul (South Korea) in November 2010, in Cannes (France) in 2011 and in Los Cabos (Mexico) in 2012 — proved an effective format for cooperation between business and government in G20.

As Russia took over the presidency of G20 and B20 on December 1, 2012, the country proposed a focus on a new basis for economic growth for the B20 meeting in St Petersburg in 2013, to follow up on the agenda of the previous B20 events. The agenda of the Russian presidency includes such issues as supporting trade; freedom of investment; restoring confidence in financial system; innovation-based development; a flexible employment and labour market; and an effective dialogue between the business and the government. A special target taskforce has been set up to focus on each of these issues, comprising leaders of business associations, B20 members and heads of interested companies.

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