18 April 2013

Ksenia Yudaeva and Sergei Storchak speak at a G20 seminar in Washington

On April 17, the Washington-based Peterson Institute for International Economics hosted a seminar on the G20 issues and Russia's preparations for the G20 Leaders' Summit due to take place on September 5-6, 2013.

Chief of the Presidential Experts' Directorate and the Russian G20 Sherpa Ksenia Yudaeva, and Deputy Finance Minister Sergei Storchak were invited speakers of the seminar. They spoke on the priorities of Russia's G20 Presidency, as well as on the results that have already been achieved and those that are still expected.

Mr. Storchak reported that the G20 Deputy Finance Ministers and Central Bank Governors are going to discuss sovereign debt targets. He emphasized that there is no universal solution and that each group of countries should move towards its own target.

"As a member of the G20 club, we consider it very important that there is a general understanding that debt should be sustainable, but different countries may have different levels of stability," Mr. Storchak said, adding that there is a clear-cut division between short-, medium- and long-term goals of reducing debt in the G20 countries.

He also noted that at their next meeting, the G20 Finance Ministers would discuss the issues of currency policy and currency wars. Ms. Yudaeva added that the issue of currency wars appeared to be somewhat far-fetched. "It is possible to speak about currency devaluation competition but we don't see them now on the same scale as in the 1930s," she noted.