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President looks for financial markets to underpin economic development
Published: 09 February, 2010, 17:03
Edited: 11 February, 2010, 10:19
TAGS: Markets, Russia and the global economy, Economy, Finance
President Dmitry Medvedev has directed participants at the Council for Financial Market Development to create a development road map, emphasizing the role of financial markets in supporting economic development.
Highlighting the key role markets play in modernizing the economy and enabling it to diversify through innovation, the third meeting of the Council saw the President note the importance of bringing about decisions of the Financial Stability Board.
“Besides adopting laws on insider trading, clearing and markets, we should also finalize the documents within the Financial Stability Board framework. We should not be just copying international documents, though. First, we are now working on the new global financial architecture. And second, we should create a financial system that fits the interests of domestic financial markets and the interest of our businesses.”
The President also emphasized that Russia is interested in long-term investment, not speculative capital. The President added that the country should continue to promote Moscow as an international financial centre although conceding the last year had been focused on dealing with more immediate economic needs.
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Ana, And then - who else is expected, and prepared, to bail out states on the brink of default?? A state's default reflects in almost all cases (bar those such as in the case a natural disaster or war or such) bad household discipline with no balance between spending and income. Every small business owner or private household knows this basic financial principle. You can rest assured, the mother of all defaults (the one of the US of A) is going to come in a generation or so, anyway, unless they are going to "inflation it away" by means of another war or other kind of global crisis. And then the IMF or World Bank won't be able to help out...