OREANDA-NEWS. January 27, 2014. Sberbank hosted its 6th business breakfast in the framework of the the World Economic Forum in Davos. The subject of the event was “State institutions or a strong government: what is more important for economic growth?”.

What are some characteristics of an institution contributing to growth? How does one reach that goal? What is a leader’s role in the process? How and why do leaders appear? How can they make effecient use of an institution’s in time of crisis? These questions were discussed by the participants of the business breakfast.

“The importance of law, lack of subtle advantages and transparent argument resolution mechasnisms are implied at efficient institutions,” - Herman Gref, CEO and Chairman of the Management Board, Sberbank of Russia, who moderated the session, noted when opening the discussion. “Weak institutions often block innovations due to the fear that they might ruin the balance of power, making the growth inconsistent. How important are these institutions to economic growth? Many countries were able to reach colossal results over certain periods of time given strong leadership and weak institutions. How can we find the golden middle?”

Alexey Ulyukaev, Minister of Economic Development of the Russian Federation, Anatoly Chubais, Chairman of the Executive Board of Rusnano, Kirill Dmitriev, CEO at Russian Direct Investment Fund, Kenneth Rogoff, Professor of Economics and Harvard University and Ichak Adizes, Business Consultant, were the event’s speakers.