Programme

GLOBAL FINANCE AS A COMMONS – GUARANTOR OR THREAT TO STABILITY?

Global Economy: New Challenges and Shifting Horizons
Panel Session
Pavilion 3, Amphitheatre

Over the past half-century, policymakers have successfully created an international system of trade and finance that has spurred globalization and brought greater prosperity to large proportions of the world’s population. But if this same system is used as a principal weapon in political disputes, e.g. barring a country from the use of SWIFT, do we risk a fragmentation of global finance and a lessening of globalization’s benefits? How might these policies motivate the diversification of reserve currencies?

Moderator:
John Fraher , Executive Editor for International Government, Bloomberg

Panellists
Shamshad Akhtar , Executive Secretary, The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)
Richard Werner , Professor, University of Southampton
Andrey Kostin , President, Chairman of the Management Board, Member of the Supervisory Council, Member of the Strategy and Corporate Governance Committee, VTB Bank
Alexei Moiseev , Deputy Finance Minister of the Russian Federation
Andy Xie , Independent Economist
Jean-Pierre Thomas , President, Thomas Vendome Investment

Broadcast

Key moments

The current financial system is not being used for its intended purpose but as a way of achieving geopolitical goals and asserting political pressure.
Andrey Kostin
We are very much for developing rouble-based payments and believe that Russia has already done a lot for the rouble’s convertibility.
Andrey Kostin
The biggest issue now is how to use the rouble in international payments.
Alexey Moiseev