It’s Time to Create New Financial Architecture

It’s Time to Create New Financial Architecture

On May 3rd – 4th the capital of Kazakhstan shall hold the IV Astana Economic Forum (AEF) on the subject: “New Decade: Challenges and Prospects”.

The Forum includes 9 panel sessions, a number of round tables, congresses, industrial-innovational exhibitions, which cover most current subjects of global and regional agenda starting with the aspects of development of international currency system up to stimulation of small and medium business.

More than 3,5 thousand people from 72 states have applied for the participation in the Forum.

Famous scientists, Nobel Prize laureates, political activists, representatives of big international corporations and financial institutes intend to participate. In general they announce the participation of seven Nobel laureates, among them are Robert Mundell, John Nash, James Mirrlees and others, which proves the promotion of the power of Astana Forum, as one of the places where they work out suggestions on overcoming of disbalances of post-crisis world development.

It is expected that the President of Kazakhstan shall participate in the Forum, who is famous for his breakthrough ideas and integration initiatives and the subject “New Decade: Challenges and Prospects” is a logic continuation of Nazarbayev’s suggestion on restructuring the international financial system.

Today everybody realizes that in terms of globalization without adaptation and cooperation of the states it is impossible to control one’s own economy and market fluctuations. It is time to create new financial architecture. This Kazakhstani President declared in his article ‘Fifth Way’ printed in the newspaper “Izvestija” in 2009. The President of Kazakhstan proceeded with this topic during the III Astana Economic Forum last year.

- It is time to create new financial architecture. A Global System of Regulation and Supervision of Financial Markets should become its core. I keep on insisting that a new global currency is urgent for global economy, - specified Nazarbayev.

It’s noteworthy that the initiative of Kazakhstani leader on reformation of financial architecture and establishment of new currency was supported by the Nobel Prize laureates in economy, famous scientists and representatives of various organizations and states. The open letter with recommendations for the G20 member-states included the problem of operation of international monetary-credit system: “The core of the new structure should be the new Global system of regulation, including the reform of international financial institutions, as IMF and World Bank. Introduction of common supranational currency can become a strategic stage to reform international financial-currency system – states the document.

This subject shall also be focused on during the current Forum. Moreover, it is one of the key issues as several sessions during two days are devoted to it, where they plan to discuss new configuration of economic and monetary power. Great number of speakers also proves it acuteness. It is expected that about 30 experts from the USA, European Union, China, Japan, Russia, Brazil, Kazakhstan and other states shall hold a speech.

In general, the Forum focuses on the following key directions: “Global Economy and Finances”, “Business and Investments”, and “Society and Steady Development”. Within the frameworks of a dialogue there will be held meeting of business representatives from various countries, treaties and memorandums to be concluded, business and social dialogues to be held in order to assist and work out recommendations for the leaders of states and international organizations.

The Congress on Innovations shall take place in course of the Forum. This is a core event in the context of innovational development, which possesses quite real applied character. Grounding on the results of its work, a decision shall be adopted on the establishment of International Innovation Club, which should become the pool of leading international experts in innovations and technologies to consult the institutions of innovative development of Kazakhstan. In 2010 within the framework of the Congress the Kazakh-French Technologies Transfer Center was opened, on the ground of which they already accomplish joint projects. In particular, the project KAZ PV, which anticipates the establishment of industrial line fully integrated for the production of renewable energy. Technologies Transfer Center also is planed to be establish together with Korean Innovation Cluster Foundation from Daedeok Innopolis (the smithery of South Korean innovations), which this year shall be represented during the Congress by three institutions: Korea Institute of Science and Technology Evaluation and Planning (KISTEP), Science and Technology Policy Institute (STEPI), Korea Innovation Cluster Foundation (KICF).

The work of the Congress this year shall be directed at the coverage of the progressive experience of regional integration, aimed at boosting the industrial-innovative development in terms of global economic challenges. In this respect Kazakhstan promotes its idea to become the integrator of the best innovative and technological achievements between West and East. The Astana Forum is observed as one of the elements of revival of the Great Silk Road, which historically laid though the lands of Kazakhstan.




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