28 January 2013
VTB President and Chairman of the Management Board Andrey Kostin on 25 January chaired a meeting of the B20 Financial Stability Taskforce as part of the World Economic Forum’s annual meeting in Davos. The session primarily focused on the stability of the financial sector and its role in promoting economic growth.
The meeting was also attended by the co-chair of the taskforce James Turley, Chairman and Chief Executive Officer of Ernst & Young and heads of major international banks, financial groups and associations including the Institute of International Finance, Standard Chartered Bank, Deutsche Bank, BNP Paribas and Societe Generale.
The next meeting of the taskforce has been scheduled for March, and will develop a more detailed agenda for the taskforce to draft its final recommendations for the G20 and global markets.
The recommendations will be finalized at the main session of the B20 Financial Stability Taskforce during the St. Petersburg International Economic Forum on June 20–22 and later sent to the G20.
«Today the key issues of our taskforce’s agenda are the stability of the banking and financial sectors, development of financial infrastructure and broader public access to financial resources. Issues of particular urgency include the establishment of new infrastructure to support small business and long-term financing of infrastructure projects. Our task force firmly believes that a major driver of growth is the proper functioning of financial markets and the financial system. And the prerequisite for this is confidence. That is why restoring confidence in the financial system will continue to be at the centre of our discussions throughout the year».
VTB President and Chairman of the Management Board
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.
Andrey Kostin, VTB Bank President and Chairman of the Management Board, heads the B20 Financial Stability Taskforce, which is working on proposals to help restore confidence in the financial system.
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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