G20 does not pay sufficient attention to certain economic risks — Russian Sherpa
The G20 summit will be held in Buenos Aires from November 30 to December 1
BUENOS AIRES, October 4. /TASS/. Countries of the Group of 20 (G20) have not paid sufficient attention to certain economic risks, including the problem of high sovereign debt levels in developed economies, Russian G20 Sherpa Svetlana Lukash told TASS on Thursday.
"From our point of view, insufficient attention was paid this year to a number of risks remaining in the global economy, such as high levels of sovereign and corporate debt in developed economies," Lukash said.
"Calculations and researches are in place that this can provoke a new wave of crisis. Certainly, the G20 should deal with it more specifically," the Sherpa said.
A change in the policy of developed financial markets and the most active players on the capital market inevitable influences on all other countries, the developing ones in the first instance, she noted. "If the monetary policy is toughening in a range of developed economies, this leads to a certain turbulence on developing financial markets, to the capital outflow, and this in particular hits Russia and other BRICS countries," Lukash said.
"Certainly, all these issues should also be discussed when the leaders gather, along with discussing at large developing prospects of the global economy and the way to further perform commitments of the G20 on macroeconomic policy coordination," she added.
Leaders of the G20 will be able to reach agreements despite existing major disagreements on a number of issues, she said.
"We have no choice. We should definitely reach an agreement. The question is whether more ambitious goals are set or a trade-off decision is taken," Lukash said.
"In any case, all countries of the Group of Twenty, including Russia, intend to act together to make the world more stable and strengthen growth of not merely economies of our nations, but the global economy on the whole," she noted.
The G20 summit will be held in Buenos Aires from November 30 to December 1.