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Putin says G20’s success built on respect for member states’ views

July 06, 2017, 2:45 UTC+3 MOSCOW

"The G20’s effectiveness as a tool of global management does not decline even amid growing geopolitical risks and uncertainties," the Russian president stressed

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MOSCOW, July 6. /TASS/. The G20’s success has been built on respect for every member state’s views, Russian President Vladimir Putin said in an article for the German Handelsblatt daily ahead of the G20 summit in Hamburg.

"The group’s success has been built on respect for the views of every member state, regardless of the size of its economy and its place in the global financial and monetary system," he wrote. "Meaningful debates and the search for compromises has become the G20’s signature style and an unwritten rule of relations that Germany has been implementing as the current presiding country," Putin added.

"The G20’s effectiveness as a tool of global management does not decline even amid growing geopolitical risks and uncertainties," the Russian president stressed. "To a great extent, it is possible thanks to the exceptionally responsible attitude that presiding countries adopt towards mission," he said. Putin referred to Russia’s G20 presidency in 2013, when the country received significant support from all of its counterparts.

"In the recent years, the G20 has proved to be an important mechanism for harmonizing the interests and positions of the leading world economies," the Russian leader noted. "Joint actions of the G20 have paved the way for decisions that not only allowed to overcome the consequences of the financial and economic crisis, but also helped lay the foundation for an improved global management system, which for various reasons has been going through hard times," Putin said. "And what is rather important, together we managed to find solutions to many long-standing issues," he added.

Putin pointed out that Russia valued steps to counter tax base erosion and prevent corporations from moving to the so-called safe havens which negatively affected all economies. "Such irresponsible behavior of companies has an adverse impact on the lives of millions of people and leads to high social costs," the Russian president said.

In his opinion, the implementation of agreements on financial regulatory reform is another G20’s achievement. In this regard, Putin mentioned agreements on regulating banks whose bankruptcy would be undesirable or dangerous due to the size of their assets." "For the first time in history, watchdogs overseeing operations in the non-banking financial sector began to cooperate. Besides, decisions concerning the principles of preventing and overcoming crises in the banking sector and organizing the work of deposit insurance agencies is also very important," the Russian leader stressed.

Financial Stability Board

Putin went on to say that the establishment of the Financial Stability Board was an important step forward. "It helped better plan and organize the work on financial regulatory reform, while the Board transformed into an important partner of the IMF as far as regular risk assessment studies are concerned," he said. "The Board’s establishment gave rise to similar national institutions," Putin noted.

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