Russia 101111 Basic Political Developments
Economy and currency wars on G20 table
Download 237.43 Kb.
|
- Navigate this page:
- G20 countries should promote small businesses - Medvedev
Economy and currency wars on G20 tablehttp://russiatoday.com/news/g20-economy-currency-war/ Published: 11 November, 2010, 10:04 G20 leaders are gathering in South Korea, and the one thing on their minds is money. Those ruling the world's major economies are confronted with preventing a recurrence of the financial nightmare of 2008. The summit kicked off with a business forum and Russian President Dmitry Medvedev urged the G20 to create a favorable environment for medium and small businesses, which he believes would help global recovery. Medvedev has already had a bilateral meeting with British Prime Minister David Cameron, both saying they see eye-to-eye on many of the top priorities of the G20. Dmitry Medvedev will also be holding talks with China’s President Hu Jintao which are expected to focus on US financial policy, which right now the world is less than happy with. For the South Korean capital, Seoul, the gathering underlines its economic awakening. But there are major spats to iron out – as countries circle their financial wagons, while others try to call the shots. This year’s G20 is being billed as a financial coming-out event for South Korea – proof of just how far the country has come in the nearly 60 years since the end of the Korean War. Once poorer than its northern neighbor, South Korea now boasts the 13th largest economy in the world. North Korea may lie just four kilometers beyond the FreedomBridge and Demilitarized Zone, but economically the two are worlds apart. The threat from the Democratic People’s Republic looms particularly large, and Seoul isn’t taking any chances: security forces are on high alert. But there is another conflict on the G20 leaders’ minds – the outbreak of the so-called Currency War. The US leads the charge, accusing China of cheating world trade by artificially weakening its currency. It wants the yuan to be bolstered.
And yet Washington stands accused of allowing its own dollar to dwindle, roiling emerging markets whose own currencies are rising strongly and damaging their export competitiveness. Complaints intensified after the Federal Reserve announced a second print-run of $US 600 billion – the “quantitative easing” designed to get cash flowing. However, other economies worry it will flood their markets. Russian President Dmitry Medvedev wants the summit to agree that when countries like the US take big steps to save themselves, they should consider the ripples it causes and get permission from the G20 first. "Russia’s position is that we need a more coordinated approach; we don’t want surprises from our partners,” says Russian presidential aide Arkady Dvorkovich. “We want a more intensive policy dialog between Central Banks, Finance Ministries. This can lead to a greater stability on the markets." Among other leading critics is Germany, the world’s fourth-largest economy, with its Finance Minister calling the US “helpless”. Monument Securities chief economist Stephen Lewis said, “I don’t think the US is making its case any stronger through the measures that it’s taking, through printing dollars to weaken its own currency, because that looks far too much like a competitive devaluation… I think the European countries see it as a dangerous move because what it could do is increase the capital controls around the world.” That is not what Barack Obama wants to hear. The US President’s call for Germany – along with China and Japan – to rely less on their dominant export markets and spend more at home is falling on deaf ears. The truth is that no one is happy with today’s international monetary system, especially the dominance of the dollar as a reserve currency and America’s management of it. And what business leaders want the G20 to realize, is that each nation will have to fight their natural urge to try and protect their trade, and also the need to boost foreign investment. G20 countries should promote small businesses - Medvedevhttp://en.rian.ru/business/20101111/161285675.html 07:18 11/11/2010 Russian President Dmitry Medvedev on Thursday urged the governments of the G20 countries to promote small businesses. "Today it is necessary not to try to restore the previous conditions for operation of small and midsized enterprises, but to form a more favorable environment for them," Medvedev said at a business summit in Seoul. The business summit is held ahead of the meeting of G20 leaders, due Thursday evening in the South Korean capital. "One of the key tasks today is to ensure unhindered access to national and international capital markets for small and midsized businesses," the Russian leader said. He also said Russia will develop microfinance, or the practice of providing small loans to individual borrowers lacking access to credit, as an efficient anti-crisis measure. "Microfinance has become an important element of Russia's financial system," Medvedev said. SEOUL, November 11 (RIA Novosti)
http://www.itar-tass.com/eng/level2.html?NewsID=15669896&PageNum=0 11.11.2010, 08.53 SEOUL, November 11 (Itar-Tass) - Russian President Dmitry Medvedev has urged the Group of Twenty countries to consider a more active use of government procurement mechanism with the involvement of small businesses. “Another issue is the importance of state orders placed not only with large companies, but also small ones,” he said at a round table discussion of the forum “The role of business in ensuring sustainable and balanced demand.” “It is not always easy for the government to make arrangements with small businesses on supplies, because, as a rule, the supply volumes are small,” the president admitted. “But the states should pay attention to these possible purchases,” he added. Medvedev said another important aspect of the work is stimulating banks to work more actively with small businesses. “We in Russia have passed this,” he said noting that several special programmes have been developed in this sphere. “It is clear that without additional incentives it is often impossible to turn them to more active cooperation with small businesses,” said Medvedev. Medvedev to wind up visit to Seoul, to attend G20 Summit http://www.itar-tass.com/eng/level2.html?NewsID=15669445&PageNum=0 11.11.2010, 01.31 SEOUL, November 11 (Itar-Tass) -- Russian President Dmitry Medvedev will wind up the official visit to the Republic of Korea on Thursday and attend the G20 Summit on November 11-12. During the final event of the official visit, the authorities of the South Korean city of Incheon (Chemulpo) will hand over the Varyag cruiser’ s flag to the Russian delegation. Along with another 13 objects from the cruiser, the flag was seized by the Japanese after the Battle of Chemulpo, but ended up in South Korea after Japan’s defeat in Worlds War II. Under Korean laws, objects of cultural heritage cannot be handed over to other countries. So the flag from the Varyag will be returned to Russia for permanent storage on condition that it should be put up on display in South Korea from time to time.
Directory: gifiles -> attach attach -> British Forces – Akrioti, Greece Griffin Fighter Squadron (84 Squadron raf) MoD announced possible Typhoon and Tornado arrivals to the base France attach -> Russia 110204 Basic Political Developments attach -> Unclassified//for official use only attach -> Adaptability Sustainment attach -> Pop-up 1 ("C" Chechnya) Header Text: Emir of the Caucasus Emirate Doku Umarov Image attach -> Russia and Islam are not Separate attach -> Chapter 13: The Northern Caucasus attach -> Russia 100209 Basic Political Developments attach -> The evolution attach -> The devolution Download 237.43 Kb. Share with your friends:
|