Now is the time to make understandable regulation: perhaps not from the point of view of the details, which have to be discussed anyway, but rather from the point of view of what we’re trying to achieve. Because regulation is also a matter of trust.
The key thing is the investment climate. The investment climate can stimulate development of the equity market and IPOs. In turn, this will boost capitalisation and once again make it profitable for shareholders to capitalise their companies and not skim money out of them. Shareholders will have an economic incentive to respect minority shareholders and develop their market.
The focus, to my mind, has to be on building talent, increasing liquidity and demonstrating that the legal system is predictable and independent.
It seems to me that the country’s top leadership has begun placing very great significance on developing the financial markets, understanding that this represents the only opportunity for Russia to attain acceptable levels of economic growth.
I hope that the merger between the Federal Service for Financial Markets and the Central Bank will give us the necessary opportunities and tools to work toward faster responses, risk-oriented supervision, and appropriate penalties for market violators.
Boosting the savings rate can only be achieved through confidence in the national currency and low inflation. When there’s a real sense that by not spending today, you’ll get something tomorrow. And, long-term confidence in the rouble is a key factor and one of the key obligations of the Central Bank.
We won’t survive without institutional investors. Let’s all take a look at the two or three basic tools that could be included in the list right away and expand the declaration for pension funds, and begin with something; infrastructure project bonds – that’s No. 1.
In cooperation with Russian Railways
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