Due to the on-going world economic crisis, the CIS countries have to take measures to enhance the stability of their financial markets, Secretary General of the Banking Association for Central and Eastern Europe (BACEE) Istvan Lengyel stated.He said the reaction of the European Union and the United States regarding the financial crisis led to a strict regulation being enforced against the banks and less rigid in relation to other financial market participants.
“Today the development of the CIS countries has not reached the level of the West and the development of financial markets should not be restricted. On the contrary it should be encouraged by various means including cooperation within CIS and with other countries, the creation of international alliances and development of cooperation between the exchanges,” Lengyel told Trend on Thursday. In his opinion, promotional measures also include the improvement of legislation. According to him, by the example of the West one can observe active operation of various funds, including pension funds.
