World Economic Forum in Davos, which completed its five-day work of the many global issues clearly responded to only one. I expect this response: “Yes, indeed, nobody really knows how stable growth, to which the world economy has returned after a very severe crisis in decades, and how to avoid further failures in the future.

Forum, whose name - “To improve the condition of the planet: rethink, replan, reconstruct” - encourages participants to form a new global agenda, not like a “Congress of Victors” crisis.

Wanted regulator

global financial crisis has shown conclusively that global markets need global regulation. Perhaps none of the participants of this forum did not argue. But how to translate this idea into reality - is ready-made recipes, no one turned out.

“In many ways, the crisis was linked to the lack of regulation and supervision of the banking sector in the United States and other developed countries. it would be unfair to say that progress in this direction has been reached. But this is not enough. We must accelerate the pace. The political pressure in developed countries is large and I understand why President Obama will make such suggestions (on reforming the banking sector - ed).. I think this is the right way - to use the political will to do something “- said the director of the International Monetary Fund ( IMF) Dominique Strauss-Kahn.

However, reforms in one country will not give results, they must be coordinated and cross-border, is convinced the head of the IMF. Present a united front has not yet obtained, stated D.Stross-Kan. “This (coordination of financial sector reforms - ed.) May seem a simple thing, but in practice, I”m afraid we are not going down this path,” - he said.

raised the issue of supranational regulation and Vice Prime Minister and Finance Minister Alexei Kudrin. “In this crisis, we feel the need for regulation, including the world”s reserve currency. I think it will need to create new controls in terms of exchange rate systems,” - he said, responding to questions during a session of the Davos-2010.

the need for cross-border management agreement - at least in words - and the bankers. “In order to quickly restore confidence in the financial system, we need an absolute harmonization at the global level”, - declared the head of Deutsche Bank Josef Ackermann. But she added that when some countries are introducing new taxes and changing the rules of the game, the achievement of common goals at once more complicated.

“In this crisis, we feel the need for regulation, including the world”s reserve currency. I think it will need to create new controls in terms of currency systems”, - he said.

“All that is being discussed, should be implemented by someone but by whom - it is not clear - the chairman of the Board of Directors of Troika Dialog (RTS: TROY), Ruben Vardanyan. - This is some confusion - many of the themes raised from year to year , and if there is no dramatic breakthrough in their performance, frustration is very high.

“Serious people understand that the system failure was a sign that it is harbinger of major changes. It is clear what to do. We must make common supranational regulation. But who would agree? should increase transparency. Who would?” We must make common accounting standards. So farcan not agree. There is a huge U.S. debt, what to do? Uniform international currency - can it be, or not? “That is a whole chain of questions whose answers are no,” - said R. Vardanyan.

But even the most stringent reforms will not give full guarantee of stable development of the financial system in the future.

“While success is measured in money, while the main issue - the income per share, it will be repeated and repeated, and banks, as most mobile and dynamic, will be the first to find loopholes, niches, where you can increase your revenue. But the other measurement systems which was used is reasonable, nobody has yet suggested “, - said R. Vardanyan.

“The world woke up. came to. I understand that he is alive, and realized that he must be greatly changed, but as yet not fully understood - as - so succinctly described his impressions of the forum, Anatoly Chubais.

fragile growth

year ago, the forum full swing trying to find “green shoots” of the future of the world economy out of recession, and if they found them, then with great difficulty. Now, when growth becomes a reality, the situation has changed: one of the main topics was the search for factors that can stop him.

“The situation is very fragile. If you look at the financial markets, you”ll see that they became nervous. On the horizon a lot of threats. This is the depreciation of assets and problems in the real estate sector in some countries. And more. I think Should we remain cautiously wave “- called J. Ackerman.

delighted resumption of GDP growth, we must not forget about high unemployment, said director of the National Economic Council Larry Summers. The present situation in the U.S. economy, he described thus: “Statistical reconstruction and human recession. “GDP will continue at least modest growth in the next few quarters. However, unemployment remains a problem - 1 in 5 Americans between the ages of 25 and 54 are unemployed,” - he said.

On “cautious wave” remains and Kudrin. “I think that now to talk about stability remains very difficult, including those we feel it and the U.S. economy, European. Growing stockpiles of goods, but to say that we have sustainable growth, it is difficult,” - he said in his speech forum.

unprecedented measures to stimulate the state economy, which helped her to cope with the recession in the future are fraught with new difficulties.

“It is difficult to say how we can continue to have such a massive infusion, and how they affect only a year or two on our balance sheet, including, and sovereign debt, which exceeds the critical point even for developed countries, it will reach to 100% (GDP - approx. IF-API) “, - Kudrin has warned.

And as long as markets grow, once again making the actual problem of “bubbles”.

“One of the most interesting topics on the forum -” bubbles “in markets, as they are inflated, as blown. There is a consensus that” bubbles “will actively continue to swell, and we are already seeing, perhaps, some” bubbles ” and in China and other markets. This is due to the fact that people always want to believe in quick income. The question is how these “bubbles” to determine in advance - said the President direct investment fund Icon Private Equity Kirill Dmitriev. - Nobody expect such a quick return back markets, even all surprised. The question is, how long it will last and do not cheat if another bubble. That”s something no one understands. There is a certain optimism, but it is unclear how everything is. ”

<> Russia - the main advertiser <>

Russia appeared in Davos-2010 as the most active advertisers. Banners and billboards Sberbank of Russia, calling the forum a closer look at Russia, could be seen everywhere - from the underpass at the railway station to the hotels on the outskirts of the congress center. Launched a vigorous campaign organizers of the Sochi and St. Petersburg Economic Forum - obviously, Russia”s activities in Davos while their competitors are not a number.

However, by occupying the streets of Davos, at the very forum Russia highlight of the program and did not. The main explanation lies on the surface - in 2009 Russia”s delegation, headed by Prime Minister Vladimir Putin and his First Deputy Igor Shuvalov, was ever representative. This time, the government alone was represented by Vice-Premier and Finance Minister Kudrin.

“Russia could be more proactive with the investment point of view - view from Dmitriev AK Icon Private Equity. - At the last forum was of great interest to Russia. This year was a couple of sessions of investment, where we discuss emerging markets, they are talking about China, India, about Latin America, and do not talk about Russia. “Everyone understands that Russia - an interesting market, but we are still not well tell how to we better go, how best to invest. Other countries are very proactive in this. We also moving in this direction, but it could be even better to do. ”

“China, India, Brazil and other developing countries” - this in a speech proskolznuvshaya IMF head D.Stross Cana wording accurately reflects the focus of Davos 2010.

“Interest in Russia this year is not so much because Russia - and not the epicenter of the crisis, and not the exception. Why did Brazil, China and India are so interesting?” They do not fall into crisis. why the interests of the European Union? “He was hotbed of crisis. Russia nor in the group, nor in the other “, - considers R. Vardanyan.

almost out of politics

Last year”s forum was the realm of high politics. The global economy of the last forces clung to government support, and that of global leaders depended on its volume and duration. At this time for the political elite alone puffing French President Nicolas Sarkozy. However, the relatively modest (by the standards of the Davos, of course) of public figures has made a forum less attractive to world business leaders.

most formidable assault force sent to Davos global banks: in the forum attended by leaders of Citigroup, Morgan Stanley, Bank of America, Deutsche Bank, Barclays, Credit Suisse and other major financial organizations in the world. From the global regulators acted Evropeytsskogo Central Bank head Jean-Claude Trichet, the international organizations represented by IMF Managing Director D.Stross-Kan.

corporate world was represented in Davos 2010 heads of BP, Total, Unilever, Telenor, Coca-Cola, PepsiCo, Renault-Nissan, Cisco, Siemens and other companies.

In terms of concentration of the legends of the world economy on the square meter Congress Center Davos during the forum, of course, can claim to be entering in the Guinness Book of Records. Underdressed short man, wandering with a bottle of soda pop in his hand, but on careful consideration is Bill Gates, as an elderly man in an old-fashioned hat “cake”"s passing through security cordons Assistant - George Soros. A herald of the crisis, Professor Nouriel Roubini preferred to spend their time sitting on the couch in the lobby of Congress Center. Apparafbently, the time to warn the world about a new crisis has still not arrived.

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