G20 Foundation Research G20 Russia Summit 2013 | Page 6

6 [Evaluation of the G20 Leaders Summit in St Petersburg on September 5-6] mobility between the different systems needs to be ensured e.g. with the possibility that relevant work experience qualifies for further studies at a university level. The promotion of youth entrepreneurship is seen as another way to combat youth unemployment 7 . Therefore, entrepreneurship courses should be included in curricula and entrepreneurs should have easier access to external financing. We strongly welcome the promotion of entrepreneurship among youth not only as a tool to accelerate economic growth and create jobs but also as a possibility for personal development. However, the institutions which are necessary for a fertile entrepreneurial environment will need some time to develop. Therefore, we recommend to share best practices among key players such as universities (e.g. Martin Trust Center at the Massachusetts Institute of Technology) or governmental start-up incubators (e.g. Silicon Valley Accelerator). In our view the issue of youth unemployment was adequately addressed at the G20 summit. We observed a strengthened role of the Labour 20 outreach group shown by the social dialog meeting with Business 20 as well as the first meeting of Finance and Labour ministers in the G20 process. In contrast, Young 20’s role with regards to youth unemployment was only marginal. Financial Regulation The G20 leaders agreed on a roadmap until 2015 8 which points out concrete milestone for a tighter regulation of international financial markets. It including institutions such as the Financial Stability Board, the International Organization of Securities Commissions and the Basel Committee on Banking Supervision. The Leaders declaration clearly points out a commitment to implement Basel III rules according to internationally agreed timelines. Measures such as more and ‘better- quality’ equity should make banks less crisis-prone. Furthermore, the issue of systemically important financial institutions (“too-big-to-fail”) was addressed. Stricter capital requirements and more intensive and effective regulatory oversight should                                                                                                                         7 See #29 of Leaders Declaration 8 http://en.g20russia.ru/load/782788663