Interview by Darya Melikhova exclusively to Vestnik Kavkaza
The Russian leadership are satisfied with results of the G20 summit in St. Petersburg. However, the head of international economic organizations and European integration subdivision of the World Economics and World Politics Department of National Research University - Higher School of Economics, Vladimir Zuyev, expected more from the summit.
- What are the main results of the G20 summit?
- If we look at the results of the summit in the sphere of financial regulation, there are positive moments. At the same time, we, the expert community, expected more from the summit. On the one hand, there are achievements, agreements on structural reforms, increase of employment, encouragement of the economic growth. On the other hand, encouragement of employment lies in the sphere of national problems. To be honest, each country will care about an employment rate in its national economy, and nobody will encourage employment in a neighboring country.
Let’s look at Russia’s experience where the employment rate is not low, but Russia has always treated carefully the problem of migrants, especially “distant” migrants, Chinese migrants. It is good that a common framework is set and joint efforts are coordinated, but it is more about national problems.
- What questions should be discussed and solved within G20?
- Problems of financial regulation should be solved at the multilateral level. The financial sphere is a core of instability for the world economy. We can see two big threats which come from the banking sector. Firstly, it is instability of the banking sector, huge debts – if a bank begins bankrupting, it puts on the risk the whole system. Secondly, it is instability of state financials, huge state debts. The second threat comes from financials of states. And G20’s role is huge from this point of view.
At the same time, there are pros and cons, agreements and disagreements. As for agreements, I would like emphasize the action plan on the shadow banking sector, agreements on implementation of new standards, on implementation of Basel III, on regulation of securities trading. These are certain measures, and the world economy needs them. These measures are agreed on.
- What questions should be discussed at the summit, but hadn’t been included in the agenda?
- For example, I really sorry that the question on establishing a tax on speculative banking operations haven’t been discussed. It seems logical to establish the tax, as it would improve stability of the banking system. If banks pay two decimal places of per cent, it would be not heavy for banks, as it is not for all operations, but only for speculative operations. The G20 had to promote the issue and made all developed economies establish the practice. The measures should be launched in all economies because if one economy launches and another doesn’t, banks will go under jurisdictions where there is no the tax.
So, on the one hand, there are agreements on the banking sector; on the other hand, there is dissatisfaction. Speaking about budgets and budget deficits, the countries agreed that big deficit of the state budget and high levels of state debts are a risk for the world economy. Financials should be revitalized.
