Financial regulatory reforms proposed by G20 are not sufficient to restore the stability of the global financial system. This was repeatedly stated by international experts. The world is in search of a new interactive platform that would combine the bestminds to develop scenarios for the world economy development. In recent years,developing countries have intensified in this matter.
Interactive platform G-Global,
Virtual Forum, proposed by Kazakhstan, is the second step of the country towards a global dialogue. As the first site it can be mentioned the Astana Economic Forum (AEF), which on May 22-24 th, 2013 plans to gather the world’s leading economists in the young capital of the state, geographically located at the crossroads of Europe and Asia.
This Central Asian country, showing strong economic growth (from 2008 to 2012,GDP increased by 22 percent, reaching $ 210.8 billion), currently has spared no effort or resources in order to declare itself on the world stage. Evidence of this was the organization of the OSCE Summit on December 1-2d, 2010, VIIth Asian Winter Games from January 31 to February 6, 2011, the forthcoming World Exhibition EXPO-2017, in which Kazakhstan can be visited by five million people from 100 countries and some 10 international organizations according to conservative estimates.
This year, the AEF is held the sixth time. It is assumed that it will be attended by more than 1.2 thousands of overseas visitors, 10 Nobel Prize winners, and heads of international organizations to discuss the challenges facing humanity.
According to the professor of economics at New York University, president of RGE Monitor Nouriel Roubini’s opinion expressed in Astana at the Vth Astana Economic Forum (AEF), the system G-8 is already out of date, and the “G-20 format does not reflect the realities of today. And therefore it is necessary to shift towards emerging markets. ”
And since this forum was held by Kazakhstan during the crisis years, the issue of anti-crisis measures cuts across all thematic events. In just three days of the Forum, from May 22d to 24th, 55 discussions are
Open letters to the leaders of Big Twenty are already becoming tr
The second major set of issues touched upon the capacities of developing countries and the private sector while deciding in the International Monetary Fund.According to Nobel laureates in economics, it’s time to ensure an open selection of IMF and the World Bank management by providing equal opportunities for candidates to these positions. “At the same time, the management of the IMF and World Bank should not lose political influence in times of crisis and post-crisis regulation to monitor the financial situation in the world” -they stressed.
A separate item of recommendations to the Big Twenty countries was not only a rapid decision-making, but their effective implementation in practice.Countries of Big Twenty were advised to improve monitoring of all obligations committed by G-20 countries on financial regulation and supervision, as well as to conduct stress tests for banks, insurance companies and other relevant financial institutions to ensure their sustainability.
According to participants of the AEF, it is also necessary to change the principles of the main shopping regulator – the World Trade Organization.According to experts,the WTO should stop the practice of expert lending and subsidizing by developed countries, leading to the monopolization of markets of countries, which are net importers of agricultural products. According to economists, it is needed to curtail the practice of presenting stringent technical requirements for imports from developing countries for the development of world trade by developed countries.And also eliminate the practice of presenting to acceding coun
In order to keep the mechanism of interaction between the major world powers and developing countries not naked, but real, the representatives of the “Eurasian Economic Club of Scientists”on behalf of the President of Kazakhstan Nursultan Nazarbaye
The initiatorof the project,the head of Kazakhstan, during last year’s forumvoicedfive mainprinciples of functioning of communicative platformG-Global
He stressed that currently the humanity ha
In his view, the first and fundamental principle of the initiative should be a principle of “evolution, not revolution.””Humanity has exhausted the limit on the revolution and World wars back in the twentieth century.Today, therefore,all human wisdom is to keep the peace- otherwise it will be a self-destruction, “- noted Nazarbayev, adding that the revolution should be allowed only in the sphere of science and technology, but in any case not in the political practice and social life.
For the second principle of initiative Kazakh president has suggested to choose “justice, equality and consensus.” “In the XXI century,the division of countries to the great and minor, leading and trailing is civilizationally o
The third principle- a globaltoleranceand trust. The relationshipbetween states, regardless of their geopolitical clout, influence,historical experience,the level of developmentof the economyand society should be tolerant.
The next principle is a global transparency. “The world in the format of G-Global is a transparent community of nations. There should be no double standards,degrading nations–
As the fifth paragraph Kazakh President outlined the principle of”constructive multilateralis
More information on http://2013.astanaforum.org/en