G20 summit has taken place in Toronto

The summit’s working session focused primarily on the global economic situation and ways to reduce sovereign debts and budget deficits.

The G20 leaders addressed in particular measures to stabilise the economic situation in Europe, and trade liberalisation issues.

Reform of the international financial organisations, above all the International Monetary Fund and the World Bank, was among the issues reviewed at the summit. The idea put forward by a number of countries to introduce a special tax on banking activity as a means of creating an additional economic stabilisation fund was the subject of a separate discussion. The United States, Germany, France and several other countries support this proposal, while Japan, India, China, Canada, and Russia are opposed.

The summit saw continued discussion on proposals to develop the international currency system by expanding the number of reserve currencies. Ineffective energy subsidies were also among the issues examined.

Representatives of each country’s banking sector and real economy were invited to the discussions on banking and economic issues in order to give the exchange a more concrete nature. Russia was represented by the CEOs of VTB Bank and Severstal steel producer, Andrei Kostin and Alexei Mordashov.

The decisions taken at the G20 summit have been fixed in the summit’s final declaration.

Following the summit Dmitry Medvedev held a news conference.

 

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