B20 Finance Task Force to agree on recommendations for G20 leaders in June
DAVOS. Jan 28 (Interfax) - The B20 Finance Task Force will agree on recommendations for G20 leaders at the St. Petersburg Economic Forum in June, VTB head Andrei Kostin, who chairs the task force, told reporters.
He said the tentative agenda was discussed at a meeting of the task force that was held Friday at the World Economic Forum in Davos.
"Very many different proposals were expressed, the general trajectory was toward ensuring the stability of the financial sector. The need to provide financial infrastructure for small businesses, for long-term financial infrastructure projects was particularly stressed. We agreed that we'll sum up what was said today and finally determine the topics with which we will go to leaders in March, when we will hold the next meeting in Moscow," Kostin said.
"We agreed that there will be no more than three topics. There's no point in raising two many issues, otherwise they won't be fully considered by leaders. Work will be continued, but the issues of financial infrastructure, ensuring growth thanks to the operation of the financial sector and access to resources for households and small and medium businesses will be reflected in our agenda to one degree or another," Kostin said.
He said the recommendations would be worked out by mid-July and "a key interim point is the St. Petersburg forum, where we will already discuss our concrete proposals in expanded form."
"In the middle of July we plan to have a final version that we will then present to sherpas for consideration," Kostin said.
The B20 Finance Task Force proposals could result in recommendations of the Financial Stability Board, as well as recommendations to regulators of various countries, he added.
The task force meeting was attended by Ernst & Young CEO James Turley, Institute of International Finance managing director Charles Dallara, Standard Chartered CEO Peter Sands, Deutsche Bank co-chairman Jurgen Fitschen and former EBRD head Jean Lemierre, who is currently a senior advisor to BNP Paribas.