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Eurasia

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Welcoming remarks

Governor György Matolcsy

 

It is my utmost pleasure to welcome you all on the occasion of the Budapest Eurasia Forum 2020 E-Conference, the next event of our new conference-series launched in 2019. Following the successful Pre-Forum Session last year, the journey of the Budapest Eurasia Forum continues despite the challenges of the pandemic, that have encouraged us to discover new platforms and organise the Forum through digital channels.

2020 has been a year of the unprecedented and the unexpected so far, however the constantly changing circumstances do not alter the key mission of our event, which is to connect the most distinguished experts from across Eurasia and facilitate a discussion that enhances transcontinental cooperation and contributes to the common good. Our digital event takes place under the theme “Eurasian cooperation in the post-pandemic era” and covers key areas of economic growth, going beyond traditional central banking functions or monetary policy.

I believe that setting the right goals is the most elemental step of success in case of every initiative. We at MNB have set a universal goal that we consider the base of our policymaking in every aspect; achieving long-term and sustainable growth, that benefits all actors of the economy, from the banking sector through small and medium enterprises to individual consumers and households.

Sustainability and growth go beyond institutions or countries; these are goals of global importance, therefore should be addressed on dedicated, international platforms. Based on the geopolitical shift that increased the importance of Eurasia, the intention of the Budapest Eurasia Forum is to become one of the most significant of these platforms and to contribute to the successful transcontinental cooperation that is developing and expanding day by day.

I believe that the spirit and the concept of our Forum have been formulated in accordance with the most influential megatrends of our times and resonate with several international initiatives from Eurasian countries. I sincerely hope that the digital event in 2020 will support the process of forging new partnerships and advancing existing ones. I wish you all intriguing discussion and I hope our event will provide inspiration for many of you in your professional life and will be beneficial for our future.

PROGRAMME

Eurasian cooperation in the post-pandemic era

 

TUESDAY, 27 OCTOBER 2020

High-level opening ceremony

Welcome speech:
György H MATOLCSY
Governor, Magyar Nemzeti Bank

Guest speakers:
Xiaochuan ZHOU
Vice Chairman, Boao Forum for Asia
Former Governor of PBOC
Péter SZIJJÁRTÓ
Minister, Ministry of Foreign Affairs and Trade
Hongbo WU
Special Representative of the Chinese Government on European Affairs

Coffee break

PANEL 1. The rise of Eurasia – How COVID-19 may reshape geopolitics and multilateral cooperation

PANEL 1. The rise of Eurasia – How COVID-19 may reshape geopolitics and multilateral cooperation

Building relations between countries and nations is a traditional and core element at the level of the international community. The power of geopolitical decision-making processes can deeply determine the future development of the Eurasian economics and financial relations after COVID-19, owing to the possibility of an even more comprehensive and fruitful cooperation. At the level of the global protection against the common and invisible enemy, the Eurasian countries showed the strength of partnership, support and helpfulness.

Today, the so-called ‘Health Silk Road’ is one of the key channels for the medical and technological cooperation in the world. To recover from global crisis after pandemic requires international cooperation, therefore multilateral institutions have a key role as well in creation and execution of strategies in economical reopening and sustainable development since they are authorized to give guidance on necessary changes in all sphere including in economy, society and governance as well.

Amid the novel coronavirus, Eurasia became the epicentres of the current geopolitical transformation processes, and the improvement can be endless. Regarding to the current global uptrend of the sustainable development goals and achievements, the further improvement of the Eurasian geopolitical liaisons can produce adequate common solution ways.

This panel is organized to exchange experiences on crisis management and collect the latest information about the upcoming geopolitical trends and issues influenced by pandemic, furthermore, to ensure a platform to share thoughts and scientific results in connection with the prospective outcomes of the transcontinental Eurasian partnerships after COVID-19.

Panel discussion

Moderator:
Mihály PATAI
Deputy Governor, Magyar Nemzeti Bank

Discussants:
Mehmet Huseyin BILGIN
Vice President, Eurasia Business and Economics Society
Zhimin CHEN
Vice President, Fudan University
Pierre HEILBRONN
Vice President of Policy and Partnerships, EBRD

Coffee break

PANEL 2. Well-balanced and sustainable growth in Eurasia after COVID-19 – Changes, prospects and the future

PANEL 2. Well-balanced and sustainable growth in Eurasia after COVID-19 – Changes, prospects and the future

The sudden outbreak of the novel coronavirus disease has frozen the global economy and the financial system has already felt a dramatic impact, presenting the toughest financial and economic outlook in decades. The world’s economic and financial system are deeply vulnerable to disruption due to global supply chains and distribution networks. Given this interdependency, once the pandemic ends, more fundamental changes are likely to emerge both in the economic and financial sector.

The pandemic has shed the light on the need for a more sustainable economy and Covid-19 should serve as a warning for climate change as these risks pose severe impact on the economy and financial system. Taking into consideration the deterioration in the international outlook, productivity of the Eurasian economics is the key to rebuild the predictable growth and deepen the partnerships at transcontinental level. As for the financial sector, the world is heading for another kind of banking system. After the financial crisis of 2008, the financial system experienced the emergence of digital and FinTech services which can change the traditional role of the banking system and payments as well and the recent pandemic can accelerate this process.

The aim of the panel is to illuminate the effect of Covid-19 to the economic and financial structure, as well as the possibilities and challenges regarding the development of these sectors.

Keynote speech

Kyuil CHUNG
Deputy Governor, Bank of Korea
Qi ZHANG
Director General, Department of Foreign Economic Relations
Development Research Center of the State Council of China

Panel discussion

Moderator:
Barnabás VIRÁG
Deputy Governor, Magyar Nemzeti Bank

Discussants:
Bofei HU
Deputy General Manager of International Business Department, China Construction Bank
Danae KYRIAKOPOULOU
Chief Economist and Director of Research, OMFIF
Sopnendu MOHANTY
Chief Fintech Officer, Monetary Authority of Singapore
Changchun MU
Director General of the Institute of Digital Currency, People’s Bank of China

Coffee break

PANEL 3. Smart cities for a healthy future? Innovation in urbanisation and the importance of digital literacy

PANEL 3. Smart cities for a healthy future? Innovation in urbanisation and the importance of digital literacy

It is fair to say that the global spread of COVID-19 had the most significant impact on big cities, where population density increases the possibility of virus transmission. Social distancing, as one of the keywords of 2020 might get harder to guarantee in megacities, but certainly not impossible. The need of decreasing people-to-people contacts highlighted the importance of technology in cities, smart solutions. Technological developments have proved to be essential in modern city management: the incorporation of ICT and cutting-edge technology in city planning and urban development has major contribution to efficiency, sustainability and welfare and as we observed in recent months, health as well.

The panel discusses the acceleration of smart city developments due to the COVID-19 and possible implications for the future. But smart cities require a smart population too, one that is capable of adapting to the usage of cutting-edge technologies in the everyday life. This leads to the need of modernising the educational system, partly to increase digital literacy and specially to provide highly trained professionals for the job market, to create and implement solutions that keep up with the latest trends.

Keynote speech

Jianduan JIANG
Director General, China Construction Fifth Engineering Division Corp. Ltd.
China State Construction and Engineering Corporation
Eng Chye TAN
President, National University of Singapore

Panel discussion

Moderator:
Norbert CSIZMADIA 
President, PADME

Discussants:
Leena ILMOLA-SHEPPARD
Senior Scientist, International Institute for Applied Systems Analysis
Li JIN
Executive Vice President, Fudan University
Bruno LANVIN
President, Smart City Observatory
Jung Hoon LEE
Chair of Smart City Committee, Seoul Metropolitan Government
Professor, Yonsei University

TOP QUOTES FROM THE PRE-FORUM

 

The age of eurasia has arrived and its impact will be sensible in all spheres of our lives

György Matolcsy
Governor, MNB

The best tool for the European Union for regaining its competitiveness is the Eurasian cooperation

Péter Szijjártó
Minister, Ministry of Foreign Affairs and Trade

Research and development is the driving force for economic development

András Csite
Managing Director, HÉTFA Research Institute

The education is determining the future of society and digitalizing education could lead to economic growth

Éva Hegedüs
CEO and Chairman, Gránit Bank

We are only at the beginning of what Artifical Intelligence is capable of doing

Christopher Mattheisen
General Manager, Microsoft Hungary

The old understanding of globalization is dead, the realities has changed

István Balogh
Deputy State Secretary, Ministry of Foreign Affairs and Trade

Geoeconomics will play a much more powerful role in the future’s Eurasia

Sergey Karganov
Dean, School of International Economics and Foreign Affairs of the National Research University Higher School of Economics

Geoeconomics is increasingly being defined by technology

Abishur Prakash
Geopolitical Futurist, Center for Innovating the Future

The great power of connectivity and communication will influence Eurasia

Vladimir Petrovsky
Chief Research Fellow, Centre for Russian–Chinese Relations Studies and Forecasting, Institute of Far Eastern Studies, Russian Academy of Sciences

XXI. century is clearly about Asia’s rise so it is a century about the rising economic powers of Asia

Róbert Ésik
President, Hungarian Investment Promotion Agency

New Silk Road Railways has significant positive impact on local development in Europe

Yuan Li
Professor, Mercator School of Management and Institute of East Asian Studies, University of Duisburg-Essen

Online is railways and roads of XXI century

Irina Shubina
Head of Employer Brand Development, VKontakte

The old liberal paradigm, which has been in existence since the Second World War when America became the global hegemon, is no longer working

Andrew Sheng
Distinguished Fellow of Fung Global Institute, former Deputy Chief Executive of the Hong Kong Monetary Authority

The international monetary system is not optimal for all key players

Alexander Morozov
Director, Research and Forecasting Department, Bank of Russia

The point is not whether to participate in globalisation, but how to get better integrated into globalisation

Yanni Li
General Manager, ICBC Austria

We can use Russia as a connector of Eurasia. I would use a metafore for describing Eurasia a territorial body as a keeper lego. If you put aside Russia it doesn't work as a continental body

Andrey Sushentsov
Director, Institute for International Studies, MGIMO University

Multilaterism, multilateral cooperation is not a way of thinking, it should be and it is already real

Changhui Zhao
Chief Risk Analyst, China Export Import Bank

Threats and newcoming actors are not new to the banking industry, however I believe that the future of banking will be based on the coopeation of traditional banks and the FinTech and BigTechs

Péter Csányi
Managing director, OTP

The term FinTech emerged a few years ago, but it's important to point out that it covers the technology that already existed prior to the mid 2010's

Assylbek Davletov
Chief Fintech Officer, Astana Financial Services Authority

Today there is a trust deficit in the ecosystem, and it's important to set a trust infrastrcuture so that the banking community and the financial sector can succeed

Sopnendu Mohanty
Chief Fintech Officer, Monetary Authority of Singapore

If we ask what can be done so that the banks become more receptive to technologaical changes, I think competition and regulation are the two possible solutions

Andrei Vernikov
Senior researcher, Russian Academy of Sciences

The world is constantly changing around us and the education, technology and innovation are the things that help us to reorganize our life

László Palkovics
Minister, Ministry for Innovation and Technology

A double continent is reorganizing itself, and this reorganization is providing many new opporutities and chances to the society and the economies

Markus Taube
Co-Director, Confucius Institute Metropolis Ruhr at the University of Duisburg-Essen

Digital Finance and Technology has the potential to promote a more inclusive economy and a more inclusive society

Shang-Jin Wei
Visiting Professor, Fanhai International School of Finance, Fudan University

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