Sergey Drobyshevsky: At the G20 summit Russia turned the discussion back to the most important economic issues

On September 4 Director of the Center for Microeconomics and Finance of the Gaidar Institute Sergey Drobyshevsky who heads the G20 Expert Council took part in the round table "The Meaning of G20, G8 and BRICS for Russia in the Eyes of Experts", held in the International Media Center of the G20 Summit in Saint-Petersburg.

In his report Sergei Drobyshevsky told about main results of Russia’s chair in the field of economic policy. “As chair, Russia has announced its intention to focus on the issues related to economic policy in order to resume economic growth globally”. According to Sergei Drobyshevsky, a main achievement is that “Russia has managed to turn the discussion back to the most important global economic issues, namely how to overcome the effects of the crisis of 2008–2009; what is optimal macroeconomic policy at different centers of global economic impact; what governments, economic authorities, and business community should do to take the path towards economic growth”.

The expert underlined the importance of discussing fiscal policy issues. The countries have managed to consolidate their positions concerning the budget deficit issue: government debt management principles should be changed so that debt policy can’t interfere with economic growth, and there is a need to take measures to stimulate long-term investments aimed primarily at laying the foundations of steady growth, rather than making financial investments intended to make profit for the financial market.