On 20 June 2013, the B20 summit opened at the St. Petersburg International Economic Forum.
The members of the B20 taskforce on restoring confidence and growth in the financial system, chaired by VTB President and Chairman of the Management Board Andrey Kostin, met during the summit and discussed recommendations previously published in the Green Book, and finalised them for subsequent presentation to the leaders during the G20 summit in Russia on 5–6 September 2013.
«We were glad of this opportunity to meet and discuss again our recommendations to the G20 leaders. I would like to say that after a fruitful discussion inside our group the recommendations will be finalised and are ready to be presented to the leaders.»
VTB President and Chairman of the Management Board
The taskforce’s recommendations to the G20 leaders are grouped into three main areas: improvement of financial regulation, financial inclusion and development of financial markets infrastructure.
Participants called for an assessment of the potential results of financial regulation reform — specifically in light of the introduction of the Basel III capital and liquidity related rules — and for a balance between ensuring the stability of the banking system and supporting economic growth, as well as underlining the importance of
With regard to financial infrastructure, members of the taskforce recommended developing centralised collateral management as an effective tool for stabilising financial markets that would improve transparency and information disclosure, particularly regarding derivatives trading for primary goods. The taskforce’s recommendations also stressed that increased transparency and greater visibility in derivatives markets are a major priority of Russia’s G20 Presidency as a way of creating effective regulation to support economic growth.
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 taskforce Financial System — Restoring Confidence and Growth, 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 the G20.
When Russia took over the presidency of the G20 and B20 on December 1, 2012, it 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;