1. Overview of Remarks  Global backdrop  The current debate on the International Monetary System  Conditions for becoming an international financial center  The case of Russia: Strengthening macroeconomic policy frameworks September 8, 2010

2. Global Backdrop – The International Monetary System  Emerging market countries playing a larger role in the world economy  Large increases reserve holdings  The global crisis September 8, 2010

3. Macroeconomic Indicators

4. Financial Indicators

5. Conditions for Becoming a Global Financial Center  Convertibility of national currency  Wide use of national currency in international transactions  Well-developed and sound domestic financial markets  Track record of low and stable inflation (and macroeconomic stability more generally)  Sound macroeconomic policy frameworks September 8, 2010

6. Russia – Macroeconomic Policy Frameworks  Budget framework  Monetary policy framework  Financial supervision framework  “Investment environment” September 8, 2010