"One of the main items on the agenda, if not the key subject, at the G20 was how to get the global economy out of this clearly protracted crisis," President Vladimir Putin said at the news conference on December 19, 2013.
The G20 was discussing two possible ways to resolve this problem. The first solution implies soft-line financial regulation and cheap or even free money for the economy, while the second encompasses fiscal consolidation, cutting inefficiency and leveling macroeconomic indicators. "It was no easy task for us to find some way of making these two positions mutually compatible at the G20 Summit in St.Petersburg. But we did manage to work out a formula that makes everyone happy," President Putin emphasized.
He recalled that, during its G20 Presidency, Russia brought much attention to the issue of tackling tax base erosion and profit shifting. "Every country in the world without exception supports the efforts to put an end to offshore tax havens because taxes must be paid where a profit is made," he noted.
The President also mentioned the difficulties in this area and ways of overcoming them: "Some countries do not give us enough information. But this is exactly why we work through international agreements and this is why we have agreed to disclose our own tax information to other countries if they reciprocate. We'll continue to closely monitor this issue."
President Putin expressed his confidence that all these challenging issues can be resolved at international level.