Mario Monti at SPIEF 2011: Closer Russia-EU economic integration

This post was originally published by Modern Russia on June 23, 2011, following the St. Petersburg International Economic Forum, when Mr. Monti was president of Bocchoni University. He subsequently became prime minister of Italy, in November 2011.

Russia needs to improve the predictability of its public policies if it is to modernize its economy, Mario Monti told Modern Russia on the sidelines of last week’s St. Petersburg International Economic Forum (SPIEF).

The former EU Competition commissioner and current president of Milan’s Bocconi University participated in SPIEF 2011 as the moderator for a panel discussion on Russia-EU economic relations.  The panel discussed the impact of the global economic and financial crisis on the prospects for deeper Russia-EU economic integration, and how such economic ties could support Russia’s economic modernization.  Among the panelists were several leading business representatives including Rusnano CEO Anatoly Chubais and Siemens CEO Peter Löscher, who co-chair the EU-Russia Industrialists’ Round Table (IRT), as well as Carlsberg CEO Jorgen Buhl Rasmussen and Herbert Stepic, CEO of Raiffeisen Bank International. 

In an interview with Modern Russia following the discussion, Monti highlighted the need to increase the predictability of public policies as the main challenge on Russia’s way toward economic modernization and diversification. Stating that progress so far is happening “much too slowly,” Monti nevertheless praised Russia’s efforts in favor of international economic integration with Europe and the Customs Union with Belarus and Kazakhstan, which could “give [Russia’s] legal system much greater credibility.” The Customs Union with Belarus and Kazakhstan, Monti added, should be seen as a positive step for Russia’s accession to the WTO, a goal Monti described as “desirable for everybody.”

Mario Monti is the prime minister of Italy.  A former European commissioner in charge of the Internal Market (1995-1999) and Competition (1999-2004), Monti previously served as the chairman of the Italian Treasury Ministry’s committee on banking and financial systems and as president of Bocconi University in Milan.