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February 15, 2013
A conference organized by the IIF and the Ministry of Finance of the Russian Federation

Moscow, Russia, February 15, 2013 - The IIF, in partnership with the Ministry of Finance of the Russian Federation, held a high-level conference in Moscow on February 14-15, just ahead of the first 2013 G20 meeting of Finance Ministers and Central Bank Governors. The discussions focused on the Russian G20 agenda. Proceedings were opened byAnton Siluanov, Minister of Finance of the Russian Federation,Alexey V. Ulyukaev, First Deputy Chairman, Bank of Russia, andTimothy Adams, IIF Managing Director. Generous sponsorship was provided by VTB and Vnesheconombank.

Mr. Adams, commenting at the start of the conference, said: "I am delighted to open this important event here in Moscow, one of the world's greatest cities, capital of one of the world's most important economies. I want to emphasize our support for the important goals being laid out by the G20 under the Russian Chairmanship, including in particular the focus on developing measures to stimulate economic growth and create jobs. We will highlight key priorities of the G20 agenda, including the need for investment incentives, for trust and transparency in markets, and for effective regulation. The private sector, as represented by the membership of the Institute that I am privileged to lead, is ready, willing, and able to help achieve those laudable goals."

The conference was warmly attentive to keynote speeches delivered byAngel Gurría, Secretary-General of the OECD;Ali Babacan, Deputy Prime Minister for Economic and Financial Affairs of the Republic of Turkey; andAgustín Carstens, Governor of the Bank of Mexico. Participants were also privileged to hear special addresses fromOlli Rehn, European Commissioner for Economic and Monetary Affairs, andLael Brainard, Under Secretary for International Affairs at the U.S. Treasury.

The IIF earlier this week published its latest Policy Letter , addressed to G20 Finance Ministers and Central Bank Governors, focusing on several important issues which, if not promptly addressed, could seriously impede the nascent economic recovery now apparent. The Policy Letter reaffirmed the importance of a global approach to regulatory reform, drawing attention to the risk that increasingly fragmented financial regulation threatens to reverse decades of hard-won cross-border cooperation. The IIF underscored the need to return to the strong sense of joint purpose evident at past G20 Summits in London and Pittsburgh, and to avert undue exchange rate volatility via enhanced central bank policy coordination. The Policy Letter also emphasizes the importance of putting in place credible medium-term fiscal frameworks in major countries, including the U.S. and Japan.

The Policy Letter calls on the G20 to redouble its commitment to the Financial Stability Board (FSB) as the coordinating body overseeing both development and implementation of international financial regulatory policies. In the context of strengthening the framework for sovereign debt management, the Letter urges the G20 to express its support for the enhancedPrinciples for Stable Capital Flows and Fair Debt Restructuring. The originalPrincipleswere endorsed by the G20 in Berlin in 2004.

"Over the past two days," said Mr. Adams at the conclusion of the conference, "we have had the chance to listen to some of the most influential leaders of the international financial community. The key message of the conference is that participants from both the private and official sectors are unanimous in their support for the goals of the G20, including a stronger, more transparent and better-regulated financial sector. Economic growth vitally depends on a thriving private sector, working together with a well-managed public sector. The mutual interest of both the private and public worlds is a swift and sound restoration of firmly grounded economic optimism."

Media Contacts

Dylan Riddle

Tel: +1 202.857.3626

Email: driddle@iif.com