Opinion: financial sector plays key role in economic restructuring
The financial sector plays a key role in restructuring of the economy – as stated by Mikhail Mamuta, a member of the Board of Directors of the Bank of Russia, at the 15th Verona Eurasian Economic Forum in Baku
Speaking at a session dedicated to the model of financing and payment mechanisms in a changed global context, Mr. Mamuta noted, “The economic restructuring is something that all countries face, and Russia is no exception. A financial market development strategy until 2030 is being worked out at present, and one of its main messages is to increase the financial sector’s contribution to restructuring of the economy. It can operate as a monetary driver – [in spheres] where it is profitable and where it is necessary for development purposes.”
According to the expert, it is impossible to saturate financial resources with banks alone. “There are special types of companies, especially high-tech ones, but with high risks. Banks are not interested in them, since these companies do not meet a banking standard. Here, the stock market and the capital market can act as a driver,” he explained.
The panel discussion participants noted that the international financial system is now experiencing increased stress in changing working conditions. The deterioration of macroeconomic indicators and inflation, the multilateral consequences of the changes taking place against the background of rapid technological innovations are making banks and financial institutions to face new challenges.
The Verona Eurasian Economic Forum is held in the capital of Azerbaijan on October 27th-28th, and its global theme is Eurasia on its Path to a New Geopolitical, Social and Economic Order. Transition to a New, Human-Centred Economy.
