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Russia: Putin swaps tips on global governance with Y20 youth01:17

Russia: Putin swaps tips on global governance with Y20 youth

Russian Federation, Saint Petersburg
June 20, 2013 at 21:07 GMT +00:00 · Published

Russia: Putin swaps tips on global governance with Y20 youth

Russian President Vladimir Putin addressed representatives of the Y20 in Saint Petersburg on Thursday. Y20 is the official youth event corresponding to the annual G20 summit during which leaders take the opportunity to hear the voices and ideas of the youth.

Delegates were invited to participate in the Saint Petersburg International Economic Forum (SPIEF) – one of the world’s premier annual economic and business forums, which also starts on June 20.

Russia's president promised to relay the ideas presented at the Y20 to leaders at the upcoming G20 summit. In particular, Y20 delegates expressed an interest in increasing countries' access to international financial bodies, such as the International Monetary Fund and the World Bank. Russia is the presiding country over this year's G20 summit, which takes place in Saint Petersburg from 5 to 6 September.

Economic issues related to Europe's youth have hit news headlines regularly over the past few years, as Europe has found itself embroiled in a financial quagmire. According to Eurostat, the unemployment rate for under-25s in the 27-nation EU was 23.5 percent in April, with Greece and Spain above 50 percent and Portugal and Italy above 40 percent.

At the Y20 Putin encouraged rich European nations to share the wealth among themselves in order to help less developed members catch up quicker. He said: "We need people of the developed, export-oriented economies of Europe - this includes Germany, the Netherlands, Austria, Finland - we need to make the citizens of these countries understand that, even though they probably do not see the advantages of a single currency or a single market area for themselves everyday, these benefits do exist and they can be expressed in concrete figures. And if these benefits exist, then it's worth helping other Eurozone countries catch up to their level of economic development."

Russia: Putin swaps tips on global governance with Y20 youth01:17
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Russia: Putin swaps tips on global governance with Y20 youth

Russian President Vladimir Putin addressed representatives of the Y20 in Saint Petersburg on Thursday. Y20 is the official youth event corresponding to the annual G20 summit during which leaders take the opportunity to hear the voices and ideas of the youth.

Delegates were invited to participate in the Saint Petersburg International Economic Forum (SPIEF) – one of the world’s premier annual economic and business forums, which also starts on June 20.

Russia's president promised to relay the ideas presented at the Y20 to leaders at the upcoming G20 summit. In particular, Y20 delegates expressed an interest in increasing countries' access to international financial bodies, such as the International Monetary Fund and the World Bank. Russia is the presiding country over this year's G20 summit, which takes place in Saint Petersburg from 5 to 6 September.

Economic issues related to Europe's youth have hit news headlines regularly over the past few years, as Europe has found itself embroiled in a financial quagmire. According to Eurostat, the unemployment rate for under-25s in the 27-nation EU was 23.5 percent in April, with Greece and Spain above 50 percent and Portugal and Italy above 40 percent.

At the Y20 Putin encouraged rich European nations to share the wealth among themselves in order to help less developed members catch up quicker. He said: "We need people of the developed, export-oriented economies of Europe - this includes Germany, the Netherlands, Austria, Finland - we need to make the citizens of these countries understand that, even though they probably do not see the advantages of a single currency or a single market area for themselves everyday, these benefits do exist and they can be expressed in concrete figures. And if these benefits exist, then it's worth helping other Eurozone countries catch up to their level of economic development."

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