02.10.2013

The banking union will have a positive effect not only on the euro zone member states, but also on the countries that have not adopted the single currency, especially emerging markets, Minister of Finance Petar Chobanov stated in a discussion on "The Future of Financial system: Russia and The World" at the International Investment Forum "RUSSIA CALLING!" held in Moscow from 1 to 3 October 2013. He added that according to him the competitiveness remained the major medium and long term problem of the Euro zone. The leading European economies must undertake labour market reforms and invest in innovations.

It is very important to assess the impact of global regulatory changes on emerging markets, Minister Chobanov further commented. According to him the effects are both direct, associated with the implementation of international requirements, and indirect pertaining to the activities of developed economies' banking and non-banking financial institutions in the emerging markets. To achieve a system of well working international rules, given trans-border markets, the cooperation and coordination between regulators have to be strengthened, he specified. The Minister of Finance stated that in addition to the stability fostered by the strengthened financial regulation, some undesired consequences could be observed that restrain growth and accessibility to financing instead of promoting them.

Alexei Moiseev, Deputy Finance Minister of the Russian Federation, Alexey Simanovskiy, First Deputy Governor of the Bank of Russia and Herbert Moos, CFO, VTB Bank also took part in the session.

Among the participants in the Forum are Vladimir Putin, President of the Russian Federation, Dmitry Rogozin, Deputy Prime Minister of the Russian Federation, Anton Siluanov, Finance Minister of the Russian Federation, Lenar Saphin , Minister of Transport and Roads of the Republic of Tatarstan and representatives of the international investment community.