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Andrey Belyaninov, Secretary General of the Eurasian and African Peoples’ Assembly (EAPA), took part in the Verona Economic Forum held in the emirate of Ras Al Khaimah.
Speaking at the session “Changing Finance in a Changing World”, he emphasized the fundamental role of investment banks in the development of the economy.
“In my opinion, the investment banks that exist now do not fulfil the requirements of the 21st century. I think that if they also provided settlement services, it would be possible to reduce many of the risks associated with investment and the challenges posed by the abolition of all international law. It would be possible to monitor in real time how money moves, what risks accompany certain investments, we could talk about a significant increase in stable liabilities in the form of balances on settlement accounts,”- said Andrei Belyaninov.
As an example, he cited the Eurasian Development Bank, which is already following this path, and suggested creating international investment banks established by two or three countries.
The EAPA Secretary General also expressed the opinion that European banks are becoming branches of the federal reserve system, losing their independence and becoming explicitly vassals of the American monetary system, which will lead to the bankruptcy of large European banks.
“If Arab countries were to establish an investment bank, it could be the nucleus of a future serious financial and investment group, which in the near future could equal in assets the BlackRock Group, which is now the main dominant player in the world financial markets. Despite the fact that 20% of world settlements are made in national currencies, one way or another the arbitrage currency in these settlements is the dollar. The next step, it seems to me, could be a return to a kind of Bretton Woods, and gold could be the objective arbitrage unit,”- said Andrei Belyaninov.
In his speech Andrey Belyaninov noted that one of the central reports of the forum “Farewell to Illusions. World Energy in Thucydides’ Trap” is a serious study that will be researched for a long time. He noted that in terms of importance and completeness of the topics raised, the report can be compared to the Munich speech of Russian President Vladimir Putin in 2007.
On the margins of the Verona Forum, the Eurasian and African Peoples’ Assembly and the Worldwide AEEA signed a co-operation agreement.
The AEEA delegation also held a number of meetings - with the leadership of the Ras Al Khaimah Chamber of Commerce and Industry, with rectors of UAE universities. The representatives of the Assembly visited the University of Sharjah, which unites almost 20 colleges, institutes and academies, where more than 15,000 students, masters and doctoral students study. A tour was organized for the guests, including to the university's Space Centre. A cooperation agreement was signed between EAPA and the University of Sharjah. It envisages the organization of joint projects in science diplomacy, promotion of language courses and student schools.
A protocol of intent to conclude a partnership agreement was signed with Al Qasimia University, also located in the Emirate of Sharjah.
In addition, the Assembly delegation visited Saudi Arabia; there it had meetings with parliamentarians, the business community, representatives of health care and education. In particular, the parties discussed the organization of training for doctors in Russian universities.
Also, during the trip, EAPA members visited Bahrain, where they met with representatives of non-profit organisations and the Association of Russian-speaking Graduates of USSR universities.
