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1.2. Economy and Law – Importance of Rule of Law for a Conducive Business Life

Track: 1. International Law. Rule of Law


The question about the role of law in stimulation of economic affairs is literally among the most heatedly debated in political and legal science.

The challenges of establishing the Russian market economy make this research topic even more relevant. However, the economic recession that has affected many developed countries and proliferation of openly populist legal initiatives warrant the review of the way legal systems function, and not only in Russia.

As Richard A. Posner, a leading researcher of the economic school of law (and, importantly, a legal practitioner) points out, legal system is supposed to ensure resource allocation that would be most efficient in terms of public benefit. To achieve this, legal rules must imitate an ideal market and distribute property rights the way the market would do it in the absence of externalities. A truly just law must reduce transactional costs, eliminating artificial barriers to contracts and ensuring their reliable performance, and prevent a transformation of voluntary deals into forced ones.

The issue to be addressed at the round-table discussion lies at the interface of economic and political theory, philosophy, legal theory and law enforcement practice. Among the invited participants of the session is Federal Minister of Justice of Austria Dr Wolfgang Brandstetter and senior officers of international companies who will hold a teach-in, discussing the role of the rule of law for stable and favourable business practice, effective law enforcement and fight against corruption, and share their views on the law-making and law-enforcement process. The session’s moderator will be Elena Borisenko, member of the board and first vice president of Gazprombank.


Elena Borisenko

Board Member – First Vice-President, Gazprombank


Klemens Breuer

Deputy CEO, Chief of Retail Banking & Markets, Raiffeisen Bank International

Victoria Burkovskaya

Partner, Egorov Puginsky Afanasiev & Partners

Steve Crown

Vice President — Deputy General Counsel, Microsoft

Johan Gernandt

Former Chairman, Swedish National Bank, Former Chairman, Arbitration Institute, Stockholm Chamber of Commerce, Senior Consultant, Madsen Law Firm

Georg Stawa

President of the European Commission for the Efficiency of Justice, Council of Europe


Georg Stawa, former Judge, is Head of Department for strategy, consulting and information-management in the Austrian Ministry of Justice.

He participates in international research projects and has been engaged in justice reform projects in countries of Central and Eastern Europe in leading positions. Mr. Stawa has a rich international experience consulting judicial reforms, mainly on issues ranging from justice reform strategies and actions plans, standardized methods, benchmarks and guidelines for monitoring and assessment of court performance and design of change management.

Georg Stawa is a long term member of the Commission for Efficiency of Justice (CEPEJ) of the Council of Europe. Since 2015 he serves as the President of CEPEJ.

Siegfried Wolf

Chairman of the Board, GAZ PJSC, Chairman of the Board, Russian Machines

*This schedule may be subject to change