Nazarbayev Calls for Development of “Maastricht Plus” Document in OSCE
02-07-2010
The Third Astana Economic Forum held on July 1-2 in the Kazakh capital brought together more than 2,000 representatives of political and business circles from more than 50 countries to discuss key issues of global economic development. The list of honourary guest included heads of the world’s leading banks, financial groups, and public organisations as well as politicians, prominent economists, analysts and scientists.
The two-day forum titled “Economic growth stabilization in post-crisis period” aimed at elaborating mechanisms for creating favourable conditions and providing long-term sustainable development in the post-crisis period through consolidating state economic policy, scientific achievements and private sector initiatives.
The forum focused on key issues of innovation, business, industry, international trade, export and import, customs union, energy, ecology, international financial and currency systems, Islamic financing and youth development.
Addressing the forum with a welcoming speech, President of Kazakhstan Nursultan Nazarbayev set forth a number of initiatives regarding the transformation of the world financial system and the promotion of Eurasian integration. The Kazakh leader pointed out several key issues on the global agenda.
“First of all, it is necessary to reform financial markets. It is time now to establish new financial architecture with a global system of regulation and supervision over financial markets in its core. I still insist on the introduction of a single supranational currency with a view of ensuring stable macroeconomic indices,” he said.
Nazarbayev also drew attention to issues of ecological and food security, poverty and inequality between countries, giving special priority to economic integration.
The President underscored Kazakhstan has overcome the global economic crisis and even managed to increase its GDP by 8% over the last six months. In his words, one of the main aims of the Third Astana Economic Forum is to continue the work of the G20 summit, which addressed the problems of the global financial system and the world economy a week earlier in Toronto, Canada.
Another initiative announced by Nursultan Nazarbayev suggests filling the second, econimoc and environmental, basket of the OSCE with new content which implies Eurasian integration. The Kazakh president also suggested solving global economic issues within the OSCE activity.
“I suggest launching the development of a new document which could be named “Maastricht plus”. It should reflect the modern post-crisis realities of the changing world and must aim at becoming a guide for a mid-term and long-term period. We have proposed discussing it during the OSCE summit which is to be held at the end of this year in the city of Astana,” he said.
These initiatives were discussed at the forum and gained some support from representatives of international organisations, financial sector and economists. Participants of the Astana forum also paid particular attention to Kazakhstan’s anti-crisis programme.
Speaking of Kazakhstan’s economic development, Canadian economist and Nobel Prize winner, Robert A. Mundell said: “I believe Kazakhstan has timely responded to the global crisis challenges. Steps taken by your country were absolutely correct”.
Coordinator of the economic and environmental activities of the OSCE Goran Svilanovic noted: “I welcome the initiative of President Nazarbayev to develop a “Maastricht plus”. The Maastricht treaty is a kind of bible for Europe, and the development of “Maastricht plus” has just given a new impetus to the economic and environmental dimension of the OSCE”.
On the eve of the forum, Nursultan Nazarbayev held a number of meetings with the high guests who came to partake in the event. Speaking to the Kazakh leader in the Ak orda presidential residence, President of the Islamic Development Bank (IDB) Ahmad Mohammed Ali Al-Madani said: “It is a great honour for me to meet with Nursultan Nazarbayev and congratulate him on the upcoming Astana celebrations. We are delighted Kazakhstan will chair the Organization of Islamic Conference next year. This will assist to further develop and deepen the cooperation between Kazakhstan and the Islamic countries.”
Nazarbayev also received Shaoyu Zhao, Vice-President of the Asian Development Bank (ADB) later. Addressing the journalists after the meeting, Shaoyu Zhao said: “On behalf of the Asian Development Bank I have congratulated President Nazarbayev on the country’s successful economic development against the background of unfavorable financial situation in the world. This year we plan to loan Kazakhstan more than $1 billion for financing some projects in the sphere of road construction and render support to the small and medium-sized businesses. We believe cooperation with Kazakhstan will be of great benefit for both sides.”
The annual Astana Economic Forum is the main event of the “Eurasian Economic Club of Scientists” Association where the most topical issues of modern economy have been discussed over the last few years.
The “Eurasian Economic Club of Scientists” Association was founded in June 2008 with the aim to unite the efforts of officials, scientists and experts to solve key financial and economic development issues.
Activities of the forum are supported by the World Economic Forum, the St. Petersburg International Economic Forum, the World Bank, the UN Economic Commission for Europe and the Islamic Development Bank.
