ARMENIAN EXPERT: ARCHITECTURE OF FINANCIAL MARKET REGULATION NEEDS TO BE CHANGED IN WORLD
ARKA
Dec 19, 2008
YEREVAN, December 19. /ARKA/. Modernizing the architecture of
financial market regulation and establishing effective institutions
and mechanisms at supranational level became necessary in today’s
world, vice-chancellor for university education development of the
Russian-Armenian (Slavonic) university Edward Sandoyan said.
The problem is that national financial regulation or financial
mediation institutions are inefficient and not in line with what is
happening in the world, he said at "Novosti" International Press
Center during Moscow-Yerevan-Kiev-Kishinev video-bridge on social
responsibility of states under the crisis circumstances.
Such a stand is not popular today as financial means are being
distributed through the International Monetary Fund or sovereign funds,
Sandoyan said.
"But time is passing, and we will be treating the consequences, and
if we manage to overcome the crisis, we will then forget about what
it was caused by," the expert said.
According to Sandoyan, the main problem is institutional imperfectness
of the market economy model "that we have built in our states". The
countries should have already started forming their own self-sufficient
institutions long ago, he said.
"If these institutions were at a higher efficiency level in Russia,
there would not be such a huge amount of c orporate external debt
the return of which triggered the crisis in Russia," Sandoyan said.
According to the expert, one should not be proud of what Armenia,
Moldova and Ukraine are proud of today, i.e. of not having accomplished
and effective capital market institutions of. "This means that we
have lost huge potential of our own development," Sandoyan said.
From: Emil Lazarian | Ararat NewsPress
