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Д.Медведев.Выступление на заседании.13.11.08.Part 2

Speech at EU-Russia Industrialists Round Table and Replies to Questions.Part 2
November 13, 2008
Cannes, France

Выступление на заседании Круглого стола промышленников России и ЕС и ответы на вопросы.
13 ноября 2008 года
Франция, Канны

Seventh, we need to ensure that everyone can profit from and gain access to the benefits of removing the barriers and obstacles to international trade and free movement of capital.

Finally, we put forward the initiative of establishing a system for early warning of and rapid response to approaching crises.

The biggest problem in the current crisis is that everyone saw what was going on in the United States, saw the bubbles that were growing and the liquidity problems, and everyone heard what our American friends were saying, but no measures were taken either in individual countries or in the global economy as a whole. This is why a global reaction system is needed to change this situation.

We are impressed in general by the carefully considered position of the business community, which sees harmonisation of laws as a two-way process. I am referring here to the specific case of harmonising Russian laws with European laws and the laws of individual EU member states. This is a reciprocal process and it involves giving recognition and priority to international standards. This is particularly relevant in the context of Russias accession to the World Trade Organisation.

We could spend a long time discussing the reasons for the delays in this process. One of the reasons is clear: the organisation itself, its work methods and its rules and regulations are not sufficiently well adapted to the accession of new members.

We now find ourselves once again confronted by the dilemma of whether or not to join the WTO. My position is straightforward: we will join the WTO. We want to join, but we want to do so under normal and non-humiliating conditions. There have been enough negotiations now. It is time for decisions.

Another point I want to make, another factor for stability that should be part of this new financial architecture we need to build, is the existence of new financial centres and new regional currencies. This has already happened with the euro.

If this crisis had arisen before the euro became the main currency circulating in the EU countries I think the consequences, the monetary consequences at least, would have been a lot more serious.

We want to develop our own currency, the Russian rouble, and we are working now on making use of our possibilities to develop our country as one of the world financial centres and turn it into one of the global financial players.

With time, we hope to be working on the markets of the CIS countries and the countries of Central and Eastern Europe. But we will not restrict ourselves to the Eurasian area. Regardless of the crisis and the current difficulties, including in our country, a package of laws will be passed by the end of the year for developing a financial centre of this kind in our country. Not only will we not abandon this idea, we think that now is the best time for putting it into practice.

I want to say a few words now about the situation in Russia and the steps we are taking (I am referring here to the Russian leadership, the Central Bank and the Government). We have taken urgent measures to stabilise the key economic sectors. In order to inject more funds into the economy we have decided to accord subordinated loans for a period of ten years. We are doing this because we all know that the biggest problem we face right now is a shortage of long money, a shortage of long-term liquidity on the market. We hope that this measure will make it possible to increase banks capital and offset the liquidity shortage on the market.

As a result, the banks should end up with more funds available for according loans and supporting the real sector of the economy. We are looking at total figures of somewhere around $200 billion.

This year we will manage to maintain overall macroeconomic stability. We expect GDP growth of around 7 percent for the year overall. This growth is driven above all by an increase in domestic demand.

But it is clear that next year will be more difficult. It will be more difficult for all of us and for Russia too. We will probably see a slowdown in the growth rate and a difficult situation with inflation. We will of course address all of these issues.

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