11 Nov 2010 12:34

Hard to coordinate world economic regulatory efforts post-crisis - Russian G20 delegation

SEOUL. Nov 11 (Interfax) - It will be more difficult for Group of 20 countries to agree on consolidated measures as the world economy emerges from the global financial crisis, is the view among Russia delegates to the G20 summit in Seoul.

"It's quite clear that agreeing on joint actions now, with the pressure of the crisis behind us, will be much more complicated. However, keeping in mind countries' individual particulars and interests, it is important to remember common world goals and problems," a source from the Russian delegation told Interfax.

"The emphasis now ought to be shifted from the problems of fiscal consolidation to a search for optimal balance in the world economy and the conduct of structural reforms during the crisis-exit phase, which is especially urgent for countries that have the most impact on global demand," the source said.

In the implementation of the framework agreement on sustainable and balanced growth, "an outcome of the summit in Seoul will be a three to five year plan of action for countries in 'the twenty'," one that contains individual recommendations for countries in the sphere of macroeconomic policy aimed at achieving the 'best-case' scenario of world economic development," the source said.

This agreement "is to be taken as a aggregate of all the efforts made by 'the twenty', and not just as a technical process for evaluating countries' macroeconomic policies," the source said.

"And it is important to remember that the government will be making sovereign decisions based on the national interests and another countries has no right to impose its own decisions. However, discussing the measures countries take will ensure their comprehensive evaluation and coordination, which will allow for better balancing of the world economy," the delegation thinks.